Oil prices jumped to around $100 a barrel after Iran’s president said his country would not be cowed into surrendering.

Despite two Chinese tankers making it through the Strait of Hormuz, crude prices jumped by around 3% after Masoud Pezeshkian said it was a “delusion” that Iran would be forced into submission.

While the oil market has shown remarkable resilience in the face of the largest energy shock in history, it is fast approaching a breaking point, Reuters’ energy columnist argued.

Global supplies are dwindling, while countries across the world are accelerating their push to cut back on fossil fuel consumption, whether by greening their grids or incentivizing EV uptake. “Where things stand today is already somber” for the oil market, Bloomberg’s Javier Blas wrote.