Renewed military strikes between the United States and Iran have sent oil prices surging more than 4 percent, as the Strait of Hormuz—a critical chokepoint for global energy shipments—faces fresh disruption. Brent crude climbed $3.10 to $79.11 a barrel, while US West Texas Intermediate rose $2.95 to $74.36, reflecting growing anxiety over supply routes that had only recently shown signs of stabilizing. Main Developments US Central Command announced Monday that American forces completed another wave of strikes against Iran, hitting dozens of targets at multiple locations with precision munitions. Iran's Revolutionary Guards retaliated by attacking US military bases in Kuwait and Bahrain, escalating a conflict that had been temporarily checked by an interim agreement last month. Ship-tracking data from Kpler showed that only six vessels transited the Strait of Hormuz on Sunday—the lowest number in five weeks—underscoring the operational risks. US President Donald Trump asserted Sunday that the strait remained open to commercial traffic, but Iran had earlier declared it closed after a vessel traveling an unapproved route was struck. Read also: Why PSX's 1,600-point drop signals deeper regional risks Background The Strait of Hormuz, through which roughly 20 percent of the world's oil and liquefied natural gas passed before the war began in late February, has been a recurring flashpoint. An interim US-Iranian agreement signed last month aimed to reopen the strait and end hostilities after 60 more days of negotiations, raising hopes for a return to normal shipping volumes. Following that agreement, global oil supply rose by 4.1 million barrels per day in June, according to the International Energy Agency's monthly report released Friday. Yet supply remained 9.4 million barrels per day below pre-war levels, highlighting how fragile the recovery was even before this weekend's escalation. Why It Matters The renewed attacks cast serious doubt on the interim agreement's future, with analysts warning that hopes for a quick resolution may be misplaced. ANZ analysts noted in a research note that "hopes of a relatively quick resolution to the recent skirmishes may be in doubt after tension escalated over the weekend." IG market analyst Tony Sycamore observed that the relatively modest 4 percent price rise suggested markets view the current flare-up as an escalation within a fragile truce rather than a complete ceasefire collapse. However, he cautioned that the accuracy of that assessment remains uncertain. What's Next The 60-day negotiation window under the interim agreement now faces its most serious test, with both sides resuming direct attacks. Traders and policymakers will watch closely for any signs that the ceasefire is unraveling completely, which could trigger further supply disruptions and sharper price spikes. The coming days will reveal whether diplomatic channels can contain the violence or if the region slides back into full-scale conflict.