Oil prices rose in early Asian trade following new rounds of attacks between the U.S. and Iran. The U.S. conducted multiple waves of strikes on Iranian military targets Sunday, while Iranian forces fired at commercial vessels transiting the Strait of Hormuz.

The Strait of Hormuz is a key waterway through which one-fifth of the world’s oil is transported. According to ANZ Research analysts, these attacks have raised concerns that the fragile peace deal could collapse, which had previously led to a ramp up of oil tankers traversing the region.

Front-month WTI crude oil futures are 3.2% higher at $73.70 per barrel, while front-month Brent crude oil futures are 3.1% higher at $78.38 a barrel.