Oil prices are surging

(NBC, KYMA) - The price of Brent crude has jumped more 15% since trading opened on Sunday, this morning surpassing $87 a barrel, with U.S. Crude surpassing $81 a barrel.

This comes on the heels of escalating strikes between the U.S. and Iran in the past week.

On Monday, President Donald Trump declared on social media that the U.S. would restart "the Iranian blockade" in the Strait of Hormuz.

U.S. Central Command has announced that blockade would begin at four-pm eastern today. The President also demanded the U.S. be quote "Reimbursed" for helping ships transit the strait.

Both Brent and U.S. oil are now at their highest prices since June 15, with Brent seeing it's largest single day increase since may of 2020, jumping 9% after President Trump's social media post.

Analysts expect the price at the pumps to rise again too, possibly hitting $4 a gallon within the next seven to 10 days.