Oil prices surged on Monday, with markets unimpressed by US President Donald Trump's plan to help stranded ships pass through the key oil route, the Strait of Hormuz.
Brent crude initially climbed 1.54% to $109.84 per barrel for July delivery, while US crude rose over 2% to $104.18, reflecting heightened supply concerns.
Traders remain skeptical that the US plan will succeed.
The US Central Command said it would support the initiative with 15,000 troops, warships, aircraft and drones, though Trump has shared few operational details.
A report by Axios later said the US Navy may not directly escort commercial ships, adding to market uncertainty.
Brent futures later rose even further, jumping over $2.50 to $110.73 per barrel, after recovering from early losses during Asian trading hours.
Oil prices have already been volatile—crude crossed $126 per barrel last week, the highest level since 2022, following Russia's full-scale invasion of Ukraine.