The oil market is on the rise again. The barrel of West Texas Intermediate moved back above the symbolic $100 mark on Sunday evening, driven by growing geopolitical tensions involving Iran.

At the reopening of markets, US crude jumped by more than 7% around 11:30 pm GMT, after slipping to around $97 at the end of the previous session. This sharp rebound reflects investor concerns over potential disruptions to global supply.

At the same time, the barrel of Brent from the North Sea, the international benchmark, was trading at around $101.80, up 6.8%.

This surge follows the announcement by the United States of an imminent blockade of Iranian ports. The US military said the measure would take effect on Monday at 2:00 pm GMT and would apply to all vessels entering or leaving coastal areas of Iran, regardless of nationality.

With no agreement reached to end the ongoing conflict, the move has reignited fears of a lasting disruption to global oil flows.