Global crude oil prices rose more than 4% on Monday as renewed military exchanges between the United States and Iran heightened fears of disruptions to energy shipments through the Strait of Hormuz.

As of 3:25 p.m. GMT, Brent crude futures climbed $3.10, or 4.8%, to $79.11 per barrel. U.S. West Texas Intermediate (WTI) crude gained $2.95, or 4.11%, to $74.36 per barrel.

The price rally followed fresh U.S. strikes targeting multiple locations in Iran, including Bandar Abbas, Sirik, Jask, and Qeshm Island. The U.S. Central Command (CENTCOM) said the operation targeted dozens of Iranian military sites.

In response, Iran’s Islamic Revolutionary Guard Corps (IRGC) claimed it had launched missiles and drones at U.S. military bases across the Middle East.

U.S. President Donald Trump said the Strait of Hormuz remains open to commercial shipping. Iran, however, said it had closed the strategic waterway after an attack on a vessel that it described as operating without authorization.

Before the latest escalation, nearly 20% of the world’s crude oil and liquefied natural gas (LNG) shipments passed through the Strait of Hormuz.

According to ship-tracking firm Kpler, only six vessels transited the strait on Sunday, the lowest daily traffic recorded in the past five weeks.

The renewed hostilities have also cast doubt over the future of the interim agreement reached between Washington and Tehran last month, which aimed to restore navigation through the Strait of Hormuz and pave the way for a broader settlement through 60 days of negotiations.