Brent crude futures, which set the price for most of the world’s traded oil, jumped as much as 3 percent to 106.50 dollars a barrel before cutting gains to trade 1.6 percent higher at 104.77 dollars a barrel, the financial markets platform Investing.com reported.

Meanwhile, the United States struck on Kharg Island over the weekend, a hub that handles 90 percent of Iran’s oil exports.

Tehran effectively blocked the Strait of Hormuz, a shipping channel that supplies at least 20 percent of the world’s oil.

Crude prices have risen sharply in March since the onset of the war waged by the United States and Israel on Iran, and the prolonged supply disruptions stemming from the conflict are a key factor supporting the price rise.

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