Oil prices rose sharply in early trading on Sunday following renewed fighting in the Middle East that threatens global supply routes. U.S. Central Command reported striking two Iranian rocket launchers on Larak Island in the Strait of Hormuz. The launchers were preparing to deploy sea mines into the critical waterway, through which one-fifth of the world’s oil is transported. Front-month WTI crude futures climbed 1.7% to $84.84 per barrel, while Brent futures rose 1.8% to $88.70.

The escalation adds further risk to already tight global energy markets.