Oil prices rose around 6% on May 5 following an escalation of Iranian attacks on vessels in the Persian Gulf and targets in the United Arab Emirates, according to market data and reports.

As Reuters reported, futures for global benchmark Brent crude rose $6.27, or 5.8%, to settle at $114.44 a barrel. U.S. West Texas Intermediate crude gained $4.48, or 4.4%, to close at $106.42, The Caspian Post reports, citing The New Voice of Ukraine.

“Oil prices will remain above $100, and U.S. gasoline prices will reach $5 per gallon by June … unless a deal is reached to reopen the Strait of Hormuz,” analysts at consultancy Eurasia Group said in a report.

Earlier, U.S. President Donald Trump announced the launch of a large-scale humanitarian mission to evacuate foreign vessels stranded in the Strait of Hormuz. The initiative aims to move civilian ships and their crews out of the dangerous area amid ongoing hostilities in the Middle East.

The United Arab Emirates said it was leaving OPEC and OPEC+, dealing a heavy blow to the oil-exporting groups and their de facto leader, Saudi Arabia, as the war with Iran triggered a historic energy shock and rattled the global economy.