The major olive oil-producing countries have been facing severe drought, leading to crimped supplies.
In September, the global price of olive oil reached $8,900 per ton due to extremely dry weather, as reported by the U.S. Department of Agriculture.
Even in August, the price was already 130% higher than the previous year.
Spain's severe drought and third-hottest summer have slashed olive oil production by 50% to 610,000 tons.
Other European countries including Greece and Italy which are the third largest olive oil producers are also facing similar drought conditions.
In Spain itself, the price of oil increased to €8.45 ($9.02) per kilogram in September, the highest ever recorded for Spanish olive oil.
50,000 liters of olive oil valued at $450,000 were stolen from a Spanish oil mill on August 30.
Turkey's decision to halt olive oil exports also further complicates matters, making it difficult to predict when this might end.