Oil prices spike as military confrontation threatens month-long ceasefire in key shipping lane.
Brent crude jumped 2.64% to $102.70 per barrel in early Asian trading after the U.S. and Iran exchanged fire in the Strait of Hormuz. West Texas Intermediate climbed 1.95% to $96.66, reflecting heightened supply disruption fears.
The clash marks the most serious escalation since a ceasefire took effect in early April. Iran accused the U.S. of violating the truce, raising concerns over stability in the critical oil transit route.
Markets reacted swiftly to the renewed tensions, with crude benchmarks extending gains amid uncertainty over regional security.