Gulf oil producers are spending billions of dollars on pipelines designed to route crude around the Strait of Hormuz, as Iran's grip on the waterway drags on causing oil prices to hit $100 a barrel for the first time since May.

Tensions escalated further after Iran's Islamic Revolutionary Guard Corps vowed on Monday that not a "single drop" of oil or gas would pass through the Strait of Hormuz.

Global oil prices surge above $90 after Iran attacks tankers in the Strait of Hormuz, raising fears of prolonged crude supply disruptions.