The price of Brent crude oil has topped $100 a barrel, a significant increase following Iran's recent attacks on commercial shipping in the Strait of Hormuz.
Iran's campaign has generated concerns over global supply, causing oil prices to surge by over 9%.
The International Energy Agency has agreed to release 400 million barrels of oil from its emergency reserves, while the US plans to release 172 million barrels from its Strategic Petroleum Reserve.
Market uncertainty has led to speculation that prices could continue to rise, with Asian markets experiencing losses and US futures falling over 1%.
