Oil prices have continued to rise in the wake of the renewed conflict between Iran and the United States.
In Asian trading on Tuesday, Brent Crude has climbed a further another 1.5% to US$84.50 a barrel.
Earlier in the day, oil prices spiked over 9% on news that US President Donald Trump was planning to impose a 20% levy on the cargo of ships travelling through the Strait of Hormuz.
Oil prices are now back to levels last seen a month ago.
Prices reached nearly US$120 a barrel after hostilities broke out at the beginning of March.
Oil prices spike as US reinstates blockade, ship charges in Strait of Hormuz - Watch on TVNZ+
There has been little reaction yet to the recent surge in oil prices at the pump in New Zealand.
According to fuel monitoring website Gaspy, the average price of a litre of is $2.94.
However, AA spokesperson Terry Collins has said prices are likely to have been as low as they were going to go in New Zealand for now.
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