A few months ago, oil was trading at $57 a barrel, but it is now over $100 a barrel.

A news report states oil prices are soaring to their highest level since 2022.

Brent oil recently spiked back above $110 per barrel.

WTI oil was priced below $60 a barrel for a significant period in the recent past.

The Strait of Hormuz remains largely closed, oil prices remain above $100 per barrel, and normal commercial shipping has halted.