Oil prices have risen above $116 a barrel, the global benchmark, due to increased tensions between the US-Israel war on Iran. This comes as Iran accuses the US of preparing for a ground invasion, with the speaker of parliament warning of the imminent arrival. The escalating situation has led to the closure of the Strait of Hormuz, disrupting about one-fifth of global oil and liquified natural gas supplies. Since the start of the war, oil prices have increased by nearly 60 percent, leading to a global increase in fuel prices and numerous countries adopting emergency measures to conserve energy.