Oil prices increased by around 3% on Sunday following over a week of retaliatory strikes between the United States and Iran.
Brent crude, the global benchmark, went up 3% to around $90.78 per barrel, while US crude rose nearly 3% to $84.85 per barrel.
Shipping traffic through the Strait of Hormuz, which handles 20% of the world’s oil supply, has dropped since tensions escalated last week.
On Wednesday, the US reinstated its naval blockade on Iranian ports.
Some vessels have diverted to alternative routes, such as along the Omani coast, despite a lack of approval from Tehran.
Gas prices are also climbing, though the US national average remains just under $4 a gallon at $3.992, according to AAA. This means American drivers are paying roughly 34% more than they were before the war began.
Meanwhile, Dow Jones, S&P, and Nasdaq futures all slipped by about 0.2%.