On May 4, 2023, crude oil prices rebounded sharply, with Brent crude rising 5.5% to reach a high of $114.19 per barrel. This increase followed reports of missile strikes on a tanker in the Strait of Hormuz, a critical maritime route for oil shipments. The US military announced its readiness to assist commercial vessels navigating the strait, which has been a flashpoint for US-Iran tensions. President Donald Trump warned that any Iranian attempts to block shipping would be met with force. Iran's military responded by asserting that all vessels must coordinate with its forces, raising concerns over the security of global energy supplies. The ongoing standoff has led to significant disruptions in crude oil supply, particularly impacting Asian countries that heavily rely on Middle Eastern oil. As both nations await the other's move to ease restrictions, the situation remains precarious, with maritime traffic near the strait largely stalled.