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Oil prices are again jumping higher on reports that Iran attacked the neighbouring United Arab Emirates (UAE), jeopardizing the current ceasefire with the U.S.

Brent crude oil, the international standard, rose nearly 6% on May 4 to close at $114.44 U.S. per barrel. West Texas Intermediate (WTI) crude, the U.S. benchmark, gained 4% to $106.42 U.S. a barrel.

The UAE reported that Iran fired 12 ballistic missiles, three cruise missiles, and four drones at its country, injuring three people and further threatening oil infrastructure in the region.

The attack in the UAE has put the U.S. and Iran on the brink of war again after a weekslong standoff over the Strait of Hormuz, where 20% of the world's crude oil travels.

U.S. President Donald Trump said in recent days that the U.S. would guide civilian ships through the strait, which Iran has blocked for several weeks.

However, there is confusion about how aggressively the U.S. military will intervene in the Strait of Hormuz, with some reports indicating that the operation is limited.

Iran has warned that it will attack any U.S. warship that approaches the strait. For the past several weeks, Iran has attacked several commercial ships attempting to navigate the strait.

The current situation has led to the biggest oil disruption in history, with analysts warning that crude oil prices are likely to remain above $100 U.S. a barrel for the rest of this year.