On Wednesday oil prices climbed sharply, approximately six percent.
Recent strikes in the region jeopardised the US-Iran ceasefire.
Tankers continued to move through the Strait of Hormuz, ensuring supplies keep moving.
President Donald Trump claimed the ceasefire had collapsed, increasing pressure to markets.
Analysts cautioned increased volatility could push prices higher.
The price surge mirrored elevated risk to shipping routes and ambiguity over the ceasefire.
Traders observed the joint effect of the strikes and political comments on the market.