London, May 05 (V7N) — Escalating tensions between the United States and Iran in the Strait of Hormuz have intensified into violent confrontations, raising fresh doubts over the sustainability of the existing ceasefire.

Amid growing fears of a wider conflict, global oil markets reacted sharply. Brent crude oil surged by around 6 percent on Monday, reaching $114.44 per barrel. However, prices eased slightly in early Tuesday trading, standing at $113.54 per barrel as of 2:00 a.m. GMT.

Market analysts say the price hike is being driven by renewed concerns over supply disruptions, particularly after reports of missile and drone attacks in the United Arab Emirates and the sinking of an Iranian high-speed military vessel in the Strait of Hormuz.

The latest developments have heightened uncertainty in global energy markets, as the Strait of Hormuz remains a critical route for a significant portion of the world’s oil supply. Any prolonged disruption in the region could have far-reaching impacts on fuel prices and the global economy.

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