Around 2245 GMT, shortly after the Chicago Mercantile Exchange opened, US benchmark West Texas Intermediate rose 2.54% to US$100.22 a barrel, while the price of Brent, the international benchmark for oil, was up 2.88% to US$106.11 a barrel.

The rise was lower than price surges seen during market sessions in the past two weeks.

With Gulf states slashing production and oil tankers stuck in the Gulf, benchmark oil prices have risen 40% to 50% since the United States and Israel first attacked Iran on Feb 28, threatening to curb growth and stoke inflation.

The Strait of Hormuz, which usually sees passage of 20% of global oil and gas exports, remains effectively shut.

US energy secretary Chris Wright said Sunday the closure is “short-term pain” causing higher prices, adding that the war could end “in the next few weeks.”

The International Energy Agency has warned that the Middle East war “is creating the largest supply disruption in the history of the global oil market.”

US and Israeli strikes on Iranian targets -including the oil export hub of Kharg Island – have also disrupted supplies.