Srinagar, April 8 -- Washington's two-week ceasefire with Tehran opens a brief window after six weeks of conflict that shook oil supply and sea trade.

Escalation grew from targeted strikes on military sites and quickly spread into the Gulf, where tankers, ports, and patrol ships entered a tense standoff.

Brent crude crossed $120 per barrel during peak tension, as traders priced in risks to a route that ships nearly one-fifth of global oil.

The Strait of Hormuz became the pressure point for the world economy. Shipping activity fell by about 70 to 90 percent at the height of the crisis, with some days seeing near-zero movement as insurers withdrew cover and crews waited for safe passage.

Close to 10 million barrels per day faced disrupt...