March 4 : Oil prices rose 3 per cent on Wednesday as the U.S.-Israeli war on Iran disrupted Middle East supplies, but the pace of gains slowed from past sessions after President Donald Trump suggested the U.S. Navy could escort vessels through the Strait of Hormuz.Brent rose $2.67, or 3.3 per cent, to $84.07

Waitomo's chief executive says motorists should shop around "for the deal" over the next couple weeks as prices increase.

Waitomo's chief executive says motorists should shop around "for the deal" over the next couple weeks as prices increase.

Gas prices have surged to a three-year-high and oil has shot up since the Iranian military threatened to blow up any vessels trying to pass through the Strait of Hormuz.

Oil prices were steady despite volatile trading on Wednesday as further US, Israeli strikes against Iran escalated the conflict and paralysed shipping through the Strait of Hormuz for a fifth day to impact vital Middle East oil and gas production.

Fuel prices at filling stations are likely to rise quickly after oil and gas markets jumped again Tuesday amid escalating violence and supply threats in the Middle East, developments that have already pushed up pump prices.