US-Iran Ceasefire Under Pressure as Fresh Strait of Hormuz Clashes Shake Oil Markets

The fragile ceasefire between the United States and Iran faced its toughest challenge yet after both sides exchanged fire near the Strait of Hormuz on Thursday, raising fresh concerns over Middle East stability and global oil supplies. Despite the confrontation, officials from both countries signaled they were not seeking a wider escalation.

Iran’s military accused the U.S. of violating the ceasefire agreement by attacking two vessels near the Strait of Hormuz and launching strikes on Qeshm Island as well as coastal areas including Bandar Khamir and Sirik. Tehran claimed it retaliated by targeting U.S. naval vessels operating east of the strategic waterway and near the port of Chabahar.

The U.S. Central Command confirmed that Iranian forces launched missiles, drones, and small boats against three American destroyers. Washington said it responded by striking Iranian missile and drone positions. However, CENTCOM stated that no American assets were damaged and emphasized that the U.S. “does not seek escalation” while remaining prepared to defend its forces in the region.

Former President Donald Trump attempted to downplay the incident, insisting the ceasefire remained active while noting that U.S. forces had responded decisively. Trump also confirmed that negotiations with Tehran were continuing despite the renewed hostilities.

The latest military exchange comes as Washington awaits Iran’s response to a proposed framework aimed at formally ending the conflict. The proposal reportedly leaves unresolved critical disputes surrounding Iran’s nuclear program and the reopening of the Strait of Hormuz, a vital energy corridor responsible for transporting nearly 20% of the world’s oil and gas supplies before the conflict erupted.

Oil markets reacted quickly to the tensions, with U.S. crude prices jumping as much as 3% during Asian trading hours. American gasoline prices have surged more than 40% since February due to disruptions in shipping routes through the Strait of Hormuz, intensifying concerns over inflation and energy costs worldwide in 2026.