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Oil prices con­tin­ued to soar on Mon­day as the Iran war in­ten­si­fied, threat­en­ing pro­duc­tion and ship­ping in the Mid­dle East and pum­mel­ing fi­nan­cial mar­kets.

The price for a bar­rel of Brent crude, the in­ter­na­tion­al stan­dard, surged to as high $119.50 per bar­rel ear­ly in the day but lat­er was trad­ing above $101 per bar­rel, up 9%. West Texas In­ter­me­di­ate, the light, sweet crude oil pro­duced in the Unit­ed States, al­so soared above $119.48 per bar­rel be­fore falling back clos­er to $100.

Oil prices have surged as the war, now in its sec­ond week, en­snares coun­tries and in­fra­struc­ture crit­i­cal to the pro­duc­tion and move­ment of oil and gas. And on Mon­day, Iran named the hard-line Ay­a­tol­lah Mo­jta­ba Khamenei to suc­ceed his late fa­ther as supreme leader, sig­nal­ing a new sign of de­fi­ance by Iran’s em­bat­tled lead­er­ship amid heavy U.S. and Is­raeli bom­bard­ment.