Oil prices have continued to rise on Tuesday after Iran threatened to "set fire" to anyone attempting to pass through the Strait of Hormuz, through which a fifth of the world's oil and gas is transported.
On Monday, first trading since the conflict in the Middle East began saw Brent crude soar as much as 13% to $82.37 a barrel before easing to trade around 5% higher in London.
But as the situation in the Middle East becomes increasingly unstable, prices this morning again nudged upward, sitting at $81.11 shortly after 8am.
Afternoon trade in Asia saw Brent crude rise around 3.2% at more than $80 (£59.67) a barrel, while US-traded oil was up by about 2.6%.
The BBC reports that Ebrahim Jabbari, an adviser to the commander-in-chief of Iran's Islamic Revolutionary Guard Corps (IRGC), told state TV that ships "should not come to this region. They will certainly face a serious response from us".
Drone strikes also caused damage to a major oil refinery in Saudi Arabia with a production capacity of 550,000 barrels per day.
The Aramco oil company had to temporarily shut down the refinery due to the strike.
Reuters reports fuel tanks at Oman's Duqm commercial port were targeted by several drones, with one striking a fuel tank