On Wednesday oil prices climbed sharply, approximately six percent.
New strikes in the region put at risk the US-Iran ceasefire.
Tankers kept sailing through the Strait of Hormuz, ensuring supplies keep moving.
President Donald Trump said the ceasefire had collapsed, adding pressure to markets.
Analysts alerted additional turbulence could drive prices up.
The price surge reflected increased danger to shipping routes and uncertainty over the ceasefire.
Traders observed the cumulative impact of the strikes and political statements on the market.