The price of oil rose by over 7% as the U.S.-Israel war on Iran caused "the largest supply disruption in the history of the global oil market," according to the International Energy Agency (IE). Iran's new Supreme Leader, Mahmoud Khatan, suggested that the Strait of Hormuz, a critical transit point for oil tankers, should be shut. This has led to a significant increase in the price of international Brent crude oil and U.K. crude oil prices, which have risen more than 40% since the start of the war, also increased retail gas prices. The IEA warned that more than 20% of the world's daily energy supply transits the Strait Hormoz, but ship traffic has decreased. The U.N. Energy Dept. has said it will release 172 million barrels as part of the overall release, but it will take 120 days to complete.