Tensions are again mounting around the Strait of Hormuz, which is a key maritime oil transport route.

Iran’s Revolutionary Guards announced Tuesday that it test-fired several ballistic missiles following the European Union’s embargo on Iranian oil exports.

The Iranian parliament, meanwhile, is seeking legislation that would allow the country to block the Strait of Hormuz.

In response, the United States raised its military strength in regions around the Persian Gulf, including additional deployment of fighter jets and battleships.

With tensions escalating, global oil prices surged sharply on Tuesday.

On the New York Mercantile Exchange, West Texas Intermediate crude for delivery in August jumped four-point-seven percent while Brent North Sea crude surged more than three percent to stand at more than 100 dollars per barrel.