Reports of Iranian attacks on multiple commercial vessels in the strategically vital Strait of Hormuz have driven international oil prices higher.

This incident underscores the fragile foundation of the temporary U.S.-Iran peace agreement, with negotiations ongoing to achieve a permanent cessation of hostilities.

Former U.S. President Donald Trump stated that the parties must either reach a deal or the U.S. would "finish this conflict."

On Tuesday, news of the alleged attacks in the Strait of Hormuz prompted an immediate rise in global crude oil benchmarks.

The Strait is a critical chokepoint for approximately 20% of the world's seaborne oil trade, and this event highlights the precarious nature of the interim U.S.-Iran accord. Talks continue with the aim of establishing a lasting peace agreement.

International benchmark Brent crude for September delivery extended gains, rising 1.5% to $73.09 per barrel.

U.S. West Texas Intermediate crude for August delivery also increased by 1.5% to $69.56 per barrel. This followed a session where the front-month contract closed at its lowest level since February 27.

The news website Axios, citing two anonymous U.S. officials, reported that Iran fired at least two missiles at ships transiting the strait on Monday evening. One official indicated the targeted vessel was significantly damaged but there were no casualties.

This report could not be independently verified.

Separately, the United Kingdom Maritime Trade Operations, a maritime security agency, issued an alert on Monday regarding an incident approximately 8 nautical miles east of Lima, Oman.

The agency reported that a southbound tanker was struck by an unidentified flying object and caught fire. There were no immediate reports of injuries.

Last month, the U.S. and Iran signed a memorandum of understanding aimed at ending nearly four months of conflict.

Indirect talks concluded last week without showing substantial progress toward a lasting, effective peace agreement.

On Monday, former President Trump reiterated the threat of U.S. military action, stating that the two nations must reach a deal or the U.S. would "finish this conflict."

In a research note published Friday, Holger Schmieding, Chief Economist at Berenberg Bank, commented, "The situation around the Strait of Hormuz remains volatile. However, as we have assessed since March, both sides have an interest in managing the conflict over the longer term."

He added, "With U.S. midterm elections on November 3, the Trump administration desires low oil prices, while Iran's Revolutionary Guard seeks oil export revenues from eased sanctions—their objectives are clearly at odds."