European crude oil prices climbed to a record high near $150 a barrel on Monday.
The price of Brent crude futures for June delivery LCOc1rose 6% to more than $100 a barrel.
The US Navy prepared to block ships to and from Iran via the Strait of Hormuz in a move that could restrict Iranian oil exports after Washington and Tehran failed to reach a deal to end the war.
This is far short of Brent's all-time high of $147 a barrel set in 2008.
However, the price of physical crude cargoes for immediate delivery is significantly higher as the effective closure of Hormuz has sent buyers in Europe and Asia scrambling to secure supplies.
&uuid=(email))