World oil prices have soared above $100 a barrel due to the escalation of the Middle East conflict, the BBC reported.
By mid-morning in Asia, the price of Brent crude had risen by almost 24% to $114.74, while the Nymex price had risen by more than 26% to $114.78.
About a fifth of the world's oil supplies usually pass through the Strait of Hormuz, but traffic through it is currently almost halted due to the conflict between Israel, the US and Iran.
Serious disruptions to energy supplies from the region threaten to raise prices for consumers and businesses around the world world.
In response to the rise in oil prices, a number of Asian countries are already taking extraordinary measures to limit the economic consequences.
For his part, US President Donald Trump commented on the consequences of the conflict with Iran, saying that "short-term oil prices, which will fall rapidly once the Iranian nuclear threat is eliminated, are a very small price to pay for security and peace for the United States and the world". In his words, "only fools don't think so".