Oil prices skyrocketed to nearly $120 a barrel early Monday morning before falling to just over $100, as the ongoing war in Iran pressures global energy markets. West Texas Intermediate, the benchmark for most U.S. oil, topped out at $119.48 until reports surfaced that members of the G7 may soon be opening their strategic oil reserves to relieve prices.

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Much of the price spike is caused by the war disrupting tanker traffic through the Strait of Hormuz. About 15 million barrels of crude, roughly one-fifth of global oil supply, normally pass through the strait each day, but Iranian attack threats have nearly halted tanker traffic from major Gulf producers. 

As exports slow, Iraq, Kuwait, and the UAE have cut production, while attacks on oil and gas facilities in countries across the Middle East have heightened fears of tighter supplies and rising energy costs. The price surge is hitting fuel-dependent Asian economies especially hard, and any disruption to Iran’s roughly 1.6 million barrels a day of exports to China could push prices even higher.

American consumers are paying the price at the pump, with the average price of gas up almost 50 cents a gallon from last week, with the potential for higher prices to come.