Oil prices have risen above $100 per barrel as global energy markets experience one of the largest supply disruptions in decades.

Brent crude, the international benchmark, jumped more than 9 percent as traders assessed the possibility of prolonged instability in energy markets amid the ongoing war involving the United States, Israel, and Iran, The Caspian Post reports, citing foreign media.

The surge followed a statement from Iran’s Supreme Leader Mojtaba Khamenei, who vowed to maintain the effective closure of the Strait of Hormuz.

The strategic waterway typically handles around one-fifth of the world’s oil shipments, making any disruption a major concern for global energy supplies.