The situation in the Strait of Hormuz have spiked global oil prices and sparked concern of potential recession. Brent crude is now more than 100 dollars a barrel up from around 70

The situation in the Strait of Hormuz have spiked global oil prices and sparked concern of potential recession. Brent crude is now more than 100 dollars a barrel up from around 70 before the crisis began. But how is the price of oil decided?