Oil fluctuated sharply on signs of heightened tensions in the Strait of Hormuz after President Donald Trump said the US would guide stranded ships out of the vital water.

Brent rose more than 5% to trade above $114 a barrel, before paring some of the gain. Unverified Iranian media reports claimed two missiles hit an American patrol boat after disregarding warnings. The US hasn’t commented publicly on the claims but Axios reported the US denied an American ship was hit.