On Wednesday oil prices jumped sharply, approximately six percent.
New strikes in the region jeopardised the US-Iran ceasefire.
Tankers kept moving through the Strait of Hormuz, maintaining supply flows.
President Donald Trump stated the ceasefire had collapsed, adding pressure to markets.
Analysts warned further volatility could push prices higher.
The price surge reflected elevated risk to shipping routes and uncertainty over the ceasefire.
Traders pointed out the joint effect of the strikes and political remarks on the market.