Oil prices surged nearly 30% to more than $119 a barrel on Monday, hitting levels not seen since mid-2022, as some major ​producers cut supplies and fears of prolonged shipping disruptions gripped the market due to the expanding US-Israeli war with Iran.

Brent crude futures were ‌up $12.77, or 14%, at $105.46 per barrel at 1126 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up $12.66, or 14%, at $103.56, said a Reuters report.

The market fears prolonged disruption to shipping through the Strait of Hormuz chokepoint. Iraq and Kuwait have begun cutting oil output, adding to earlier liquefied natural gas reductions from Qatar, as the war blocked shipments from the Middle East.

Analysts predict the United Arab Emirates and Saudi Arabia will have to also cut output ​soon as they run out of oil storage, said the Reuters report.

The war could leave consumers and businesses worldwide facing weeks or months of higher fuel prices even ​if the week-old conflict ends quickly, as suppliers grapple with damaged facilities, disrupted logistics and elevated risks to shipping, it added.