Brent crude futures rose over $5 to reach $113.69 a barrel, reversing a sharp downward trend from late last week.
Investors fear a prolonged disruption along this vital transit route, which handles a significant portion of global energy supplies.
The United States West Texas Intermediate also climbed 5%, settling at $107.04 per barrel during a volatile trading session.
Analysts at UBS suggest that prices will likely maintain an upward trajectory while shipping restrictions remain in place.
White House officials promised to assist stranded vessels, yet market prices stayed firmly above the $100 threshold today.
Meanwhile, a separate tanker reported a strike by unknown projectiles near the United Arab Emirates this morning.
OPEC+ recently announced plans to raise output targets for June, but experts believe these additional barrels exist only on paper.
Heightened regional tensions continue to constrain actual flows, leaving the energy market in a state of sustained uncertainty.
