The event when Jesus walks on water occurs immediately after the miracle of
feeding 5000 men with only five breads and two fish (Mat 14:13–21, Mark 6:30–44,
Luk 9:10–17, John 6:1–14). Jesus had then gone up a mountain alone to pray.
The reason was that Jesus perceived that they were about to come and take him
by force to make him king. (Mat 14:22–23, Mark 6:45–46, John 6:15).
The boat with the disciples was about three miles (five km) from land, in the middle of the Sea of Galilee, beaten by the waves, because the wind was against them. At the fourth watch of the night (last quarter of the night, about 3–6 in the morning), Jesus came to them walking on the sea. When the disciples saw him walking on the sea, they were terrified. Jesus then spoke to them and said that it was he, and that they shouldn't be afraid. Peter then asked Jesus for permission to come to Jesus on the water, which Jesus granted. Peter got out of the boat and walked on the water and came to Jesus. But when he saw the wind, he got afraid and started to sink. Immediately Jesus stretched out his hand and took hold of him and said to him: "O you of little faith, why did you doubt?" When they got into the boat the wind ceased. Those in the boat worshiped him and said: "Truly you are the
Son of God." (Mat 14:24–33, Mark 6:47–52, John 6:16–21).
When Jesus said who he was, he used the term "I Am" (Mat 14:27, Mark 6:50b, John 6:20) which is an allusion to the supreme name of God (Exo (2 Mos) 3:14), see Jesus – I AM.
The strong wind on the sea is a perfect picture of hardships and difficulties in life, which we can struggle in from time to time. It makes us ask God for help. Jesus came to them just before sunrise, about 3–6 in the morning. It can be the hardest time of the night (Psalm 13:1 (2 in some translations)). The disciples have been struggling in the boat all night. This doesn't mean that Jesus ignores the disciples. God allows them to go through these difficulties. Jesus ordered the disciples to get into the boat and to travel before him to the other side (Mat 14:22, Mark 6:45). It had a meaning. Often God waits for us to to turn to him when we are in hardship. The disciples are in panic and fear (Mat 14:26). Jesus actually comes to them and walks on the water. Jesus tells them not to be afraid (Mat 14:27b, Mark 6:50b, John 6:20b). Jesus makes a point. When life is full of problems, Jesus is right there beside us (Proverbs 3:5). Jesus is always in control of the situation (Mat 10:29–31).
Even Peter actually walked on the water and came towards Jesus. But when Peter
saw the wind, he became afraid and began to sink, crying out to Jesus for help.
Jesus immediately reached out and took hold of him. Peter began to sink because he took his eyes off Jesus (John 15:5). Peter knew in his intellect the power of the waves as a fisherman and what they can do. It trumped his faith in Jesus to be able to walk on water in that situation. When Peter began to sink, he did the right thing to cry out to Jesus for help.
The Christian life is, like walking on water, humanly impossible. It can only be lived by the power of the Holy Spirit. We can experience a supernatural life as long as we look away from all objects other than Jesus and instead focus on him. As soon as we become preoccupied with ourselves and our circumstances, we begin to sink. Then we must cry out to Jesus for restoration and divine power.
See also Some stories in the gospels at the bottom of The Four Gospels.
