On the afternoon of March 3, Time reported surges in global oil and gas prices as the Iran war brought the Strait of Hormuz to a halt. The narrow passage between the Persian Gulf and the Gulf of Oman enables around a fifth of global oil production flows, and is the conduit for about 20% of the world’s liquefied natural gas.

As of Tuesday, according to Time’s article, Brent crude oil prices had risen by about 7%, reaching as high as $83 per barrel. This compares with the $73 per barrel cost markets closed at on the Friday preceding the start of the conflict. Meanwhile, European natural futures jumped by around 30% following the strikes in Qatar, with daily freight rates for LNG (liquefied natural gas) tankers jumping more than 40% on Monday after Qatar halted production at its Ras Laffan plant and projectiles damaged numerous tankers. The price of natural gas in the U.S. was up by 5%.

According to Reuters, average U.S. retail gasoline prices crossed $3 a gallon for the first time since November on Monday. U.S. ultra-low-sulfur diesel futures rose to a two-year high at $2.90, gaining about 9%, while gasoline futures rose about 4%.

Analysts predict further price increases across the board as the conflict continues.

More analysis on the Reuters Morning Bid podcast Special Edition: Iran.