Brent crude prices moved higher on Wednesday after suffering sharp losses earlier in the session, as reports from Iranian media raised questions about how sustainable a US-brokered ceasefire would be, reviving worries about Middle East oil supplies and shipments through the Strait of Hormuz.

As of 1445 GMT, Brent crude futures were trading close to $95 per barrel, having previously dropped by more than 16% during the day to around the $90 mark, their lowest level in over a month, The Caspian Post reports, citing Anadolu Agency.

The earlier decline followed an agreement between the United States and Iran on a two-week ceasefire, which initially led markets to factor in lower risks to global oil supply.

Market sentiment shifted later, however, after Iran’s Fars News Agency reported-citing an Iranian official-that Tehran was preparing “deterrent” strikes against Israel in response to alleged ceasefire violations in Lebanon.

Tasnim News Agency also cited an informed source as saying that Iran would pull out of the US-brokered ceasefire if Israel continued what it described as violations in Lebanon.

The renewed concerns emerged amid uncertainty surrounding the extent of the ceasefire. Israel has stated that the truce does not cover Lebanon, even though the broader agreement had been presented as a move toward reducing regional tensions and reopening the Strait of Hormuz.

Iranian media further reported that oil tanker traffic through the strait had once again come to a halt following Israeli strikes in Lebanon, despite two tankers having passed safely shortly after the ceasefire was announced. These reports intensified fears that any renewed escalation could once again jeopardize one of the world’s most vital oil transit routes.