Crude oil futures surged overnight as the U.S. after fears of an imminent attack on Iran were confirmed over the weekend. After negotiations fell through, the Trump administration launched “Operation Epic Fury,” which included striking over 1,000 targets in Iran.

Iran responded by launching a wave of attacks against Israel, as well as U.S. bases in Saudi Arabia, Qatar, the United Arab Emirates, Kuwait, and Bahrain, Bloomberg reported.

The breakout of attacks has nearly halted traffic through the Strait of Hormuz and disrupted a large refinery in Saudi Arabia. Roughly about 15 percent of global oil supplies flow through the Strait of Hormuz.

April WTI crude oil futures traded $8 higher following last night’s open, with prices touching $75.33 a barrel, the highest since June. Prices have since taken back some of those gains, but remain above $70.

“The longer the war and the blockade persist, the greater the risk that more and more fear will creep into the market,” said Arne Lohmann Rasmussen, chief analyst at A/S Global Risk Management. “We see further upside today.”

Bloomberg reported that OPEC+ agreed to raise next month’s oil production quota by a modest 206,000 barrels a day in response to the widening conflict.

Monday’s sharp gains leave crude oil prices up about 30 percent so far this year, which has been seeping into the agricultural markets.

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