The threat of war in the Middle East and attacks on tankers in the Strait of Hormuz have set the global oil market on fire.

Brent crude rose 3.8 percent to $117.45 a barrel in New York trading, before closing at $116.72, according to the World News Agency.

This is the highest level since April and oil has become more expensive by more than 10 percent in October alone. US crude West Texas Intermediate also reached $103.27.

What caused it?

Iranian state TV claimed that seven oil tankers were either attacked or hit mines in the Strait of Hormuz this week.

The Revolutionary Guard Navy said that two supertankers carrying 4.5 million barrels of oil hit mines on an unauthorized southern route.

On the other hand, Yemen’s Houthis attacked Aramco’s Sheba Field and Dhahran headquarters in Saudi Arabia, after which Aramco had to evacuate its staff. The United States also evacuated its diplomatic staff from Riyadh.

US President Trump said at a Florida rally that we could repeat another epic ferry operation on Iran that has increased fear in the global oil market.

Experts have warned that if oil facilities in the Middle East are further damaged, petrol could go up to $ 150 per barrel. War risk insurance, which was previously less than 1 percent, has now reached 10 percent, which is bearing a burden of $ 7 per barrel.