Oil prices surged Monday to more than $119 per barrel but dropped by more than 10% on Tuesday. Meanwhile, world leaders are eyeing oil reserves as the Iran war continues to disrupt traffic through the Strait of Hormuz.

Oil and gas prices fell sharply on Tuesday after US President Donald Trump said that the war in Iran was "very complete, pretty much". Crude almost reached $120 a barrel on Monday over fears that the conflict would cause lengthy disruption to energy supplies from the Middle East,

President Trump said Monday that he would ramp up attacks on Iran if the country holds up oil flow in the Strait of Hormuz. “If Iran does anything that stops the flow of Oil within the Strait of Hormuz,

The price of crude oil has sharply spiked as the Strait of Hormuz has been effectively closed as the United States and Israel wage war on Iran.

Trump responded to reports that Iran was laying mines in the Strait of Hormuz, saying such action would mean "military consequences to Iran will be at a level never seen before" A cargo vessel is on fire in the Strait of Hormuz after being hit by an unknown projectile,

US forces obliterated several Iranian navy vessels — including 16 minelayers — near the Strait of Hormuz on Tuesday as President Trump warned the Islamic Republic against planting explosives along the critical global trade route.

A new map of the Strait of Hormuz shows some ships attempting to cross the Strait before seemingly turning back.