President Donald Trump tried to downplay concerns about rising U.S. gas prices

Warnings issued that oil and gas production in the Gulf could be halted entirely in the coming days, as commodity prices and stock markets are being hammered

Disruption in the Strait of Hormuz is halting oil trade and hiking prices

On Sunday, oil prices surpassed the $100-a-barrel milestone for the first time in more than three-and-a-half years

Shortly after the surge, U.S. President Donald Trump said on Truth Social that "short term oil prices" are "a very small price to pay".

Surge in energy prices causing rationing and closure of petrol pumps in import-dependent South Asia

President Donald Trump tried to downplay concerns about rising U.S. gas prices

On Sunday, oil prices surpassed the $100-a-barrel milestone for the first time in more than three-and-a-half years

The oil price reached nearly $120 a barrel on Monday over fears of lengthy disruption to supplies.

Oil prices have eased after they shot up earlier this week in response to the conflict

Vast release of emergency crude reserves fails to quell mounting fears around energy supply crunch, rattling global markets