Oil prices surged past $100 a barrel for the first time in almost four years as more major Middle East producers cut production, the Strait of Hormuz remained largely closed, and the United States warned it could deepen a conflict that has already shaken global energy markets.

Several Asian stock markets fell sharply on Monday as oil prices climbed by more than 20 per cent and the US-Israeli war against Iran entered its second week with no sign of easing.

For the first time in nearly four years, the global oil benchmark Brent rose above $100 a barrel, The New York Times reported. Oil prices are now about 50 percent higher than they were before the United States and Israel launched attacks on Iran on February 28.

Brent crude, the international benchmark, climbed past $114 a barrel when trading resumed on the Chicago Mercantile Exchange. This is a 23% jump from its Friday closing price of $92.69.

West Texas Intermediate, the light, sweet crude produced in the United States, was also trading at around $114 a barrel. This is a 25% rise from its Friday close of $90.90.