Oil prices jumped on Friday after the U.S. and Iran exchanged fire in the Strait of Hormuz, raising fresh fears that the fragile ceasefire between the two countries is rapidly unraveling.

Brent crude rises nearly 6 percent as soaring tensions in waterway push ceasefire to the brink.

Oil prices rose Thursday, as investors continue to assess the latest developments in the Middle East amid concerns over renewed tensions between Iran and the U.S.