March 8 (UPI) -- After its largest increase since the early 1980s over the last week, futures trading on crude oil on Sunday surpassed $100 per barrel.
Just over a week into the U.S. and Israeli war with Iran, the price of oil passed $100 per barrel as Iran has threatened tankers attempting to pass through the Strait of Hormuz and launched attacks on refineries in nearby nations.
The jump, which followed the price passing $90 per barrel on Friday, has reached the $100 level for the first time since July 2022 after Russia invaded Ukraine.
Investors are raising concern as Gulf Arab states reduce production because without the ability to ship it -- the Strait of Hormuz sees about 20% of the world's oil supply pass through it -- they are running out of space, CNBC and CNN reported.
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