On Wednesday oil prices rose sharply, approximately six percent.
Fresh strikes in the region threatened the US-Iran ceasefire.
Tankers continued to move through the Strait of Hormuz, ensuring supplies keep moving.
President Donald Trump stated the ceasefire had collapsed, increasing pressure to markets.
Analysts alerted additional turbulence could drive prices up.
The price surge reflected increased danger to shipping routes and doubt over the ceasefire.
Traders noted the cumulative impact of the strikes and political statements on the market.