The price of Brent crude for May delivery opened higher today, with a sharp increase of over 4%, nearing 105 dollars per barrel. At 7:00 AM this Tuesday, the 17th, Brent was up 4.53% to 104.95 dollars. Meanwhile, West Texas Intermediate (WTI) crude rose 5.04% to 97.90 dollars. Prices are being driven by tensions following the war in Iran and the blockade of the Strait of Hormuz, with the International Energy Agency stating it is prepared to release further strategic reserves if necessary.