Oil prices moved higher in Asian trading after reported exchanges of fire between Iran and the United States near the Strait of Hormuz, renewing concerns about supply disruptions in one of the world’s most critical energy routes.

Following the reported clashes, global benchmark Brent crude rose 2.3 percent to $102.40 a barrel. US crude also gained 2.1 percent, climbing to $96.80 a barrel.

Market analysts said the sharp move reflected immediate fears that any disruption in the Strait of Hormuz could affect global oil shipments. A significant share of the world’s seaborne oil trade passes through the narrow waterway linking the Persian Gulf to international markets.

The US military said it had intercepted attacks launched by Iran and carried out defensive responses as American naval vessels were moving out of the Gulf through the Strait of Hormuz.

Iran, however, accused the United States of launching the first strikes, deepening uncertainty over how the latest confrontation unfolded.

The fresh escalation has also raised questions over the future of efforts aimed at reducing tensions between the two countries. A ceasefire framework had remained in place after US President Donald Trump extended diplomatic space on April 21 to allow more time for peace negotiations.

Analysts warn that any prolonged instability in the Gulf could push energy prices even higher, add pressure on global inflation and unsettle financial markets already watching the region closely.