Global oil prices rose early Monday morning after at least three oil vessels were attacked near the Strait of Hormuz on Sunday, as Iran continues to launch strikes across the Middle East in response to ongoing attacks by the US and Israel, the BBC reported.

Two vessels were struck, and an “unknown projectile” reportedly “exploded in very close proximity” to a third oil tanker, according to the UK Maritime Trade Operations Centre (UKMTO).

Iran, a member of the OPEC oil cartel, closed the Strait of Hormuz over the weekend. The strait is a critical waterway through which around 20% of the world’s oil and gas is shipped.

International shipping has almost come to a standstill at the strait’s entrance, with analysts warning that a prolonged conflict could push energy prices even higher.

In early trading in Asia on Monday, global oil prices jumped by more than 10% before those gains eased later in the morning.

At 02:00 GMT, Brent crude was more than 4% higher at $76.16 (£56.53) a barrel, while US-traded oil was also up by around 4% at $69.67.

“The market isn’t panicking,” Saul Kavonic, head of energy research at MST Research, told the BBC.

“There is more clarity that, so far, oil transport and production infrastructure haven’t been primary targets by any side,” he added.

“The market will be watching for signs that traffic through the Strait of Hormuz returns, which would see oil prices subside again.”

However, some analysts have warned that prices could exceed $100 per barrel in the event of a prolonged conflict.

On Sunday, the OPEC+ group of oil-producing nations — which includes Saudi Arabia and Russia — agreed to increase output by 206,000 barrels per day to help cushion any price rises.

File photo of shipping in the Strait of Hormuz, which has now ground to a halt

However, some experts doubt this would have a significant impact.

Edmund King, president of the AA, warned that the disruption could drive up petrol prices worldwide.

“The turmoil and bombing across the Middle East will surely disrupt global oil distribution, which will inevitably lead to price hikes,” he said.

“The magnitude and duration of pump price increases depend on how long the conflict continues.”

Iran’s Islamic Revolutionary Guards Corps (IRGC) said three tankers from the UK and US had been “struck by missiles and are burning.”

The UKMTO reported “multiple security incidents” across the Arabian Gulf and Gulf of Oman and has advised ships to “transit with caution.”

At least 150 tankers have dropped anchor in open Gulf waters beyond the Strait of Hormuz, although a handful of Iranian and Chinese vessels have passed through, according to ship-tracking platform Kpler.

“Because of Iran’s threats, the strait is effectively closed,” Homayoun Falakshahi of Kpler told the BBC.

“Vessels have taken precautionary measures not to enter, as the risks are too high and insurance costs have skyrocketed.”

He added that the US would likely try to protect shipping routes, which, if effective, could prevent a major oil price spike. However, if the strait remains closed for an extended period, prices could go “much, much higher.”