Oil prices surged sharply after renewed violence in the Strait of Hormuz raised fears that the fragile U.S.–Iran ceasefire could collapse.

Brent crude rose nearly 6% to above $114 a barrel as markets reacted to reports of attacks on commercial shipping and U.S. strikes on Iranian boats, though Iran denied some of the claims.

Despite U.S. efforts to secure the waterway, shipping companies remain hesitant due to safety concerns, leaving thousands of seafarers stranded and global trade disrupted.

Analysts say the risk of prolonged instability and potential disruption to the vital oil route is driving prices higher, Al-Jazeera has reported.

Even if fighting eases, experts expect oil prices to stay elevated due to infrastructure damage and supply backlogs.