Futures for the international benchmark Brent crude and the US benchmark West Texas Intermediate (WTI) both jumped more than 25 percent in overnight trading, crossing the $110 per barrel mark as of 11 p.m. ET on Sunday, News.Az reports, citing foreign media.
Since the conflict began, Brent crude has risen by more than 50 percent, while WTI prices have surged by over 60 pecent.
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The latest rally marks the fastest increase in oil prices since the 1980s, with no immediate signs of slowing.
Meanwhile, US stock futures moved sharply lower as trading opened. Futures tied to the S&P 500 and the Nasdaq 100 each dropped around 1.5 percent, while contracts linked to the Dow Jones Industrial Average declined about 2 percent.
Since the US and Israel began air strikes against Iran on Feb. 28, killing Supreme Leader Ali Khamenei and stoking violent retaliation from the Iranian regime, oil prices have soared, notching their largest weekly gain since at least 1985.
Critically, the conflict has sent tanker traffic through the Strait of Hormuz to a standstill. Roughly 20 million barrels of oil per day, or a fifth of the world's supply of seaborne crude, crosses the waterway connecting the Persian Gulf to the wider international market every day. Data from Vortexa shows that roughly 16 million bpd of oil has been stranded behind the strait and cut off from the global market.
