On Wednesday oil prices climbed sharply, approximately six percent.
Recent strikes in the region put at risk the US-Iran ceasefire.
Tankers kept sailing through the Strait of Hormuz, maintaining supply flows.
President Donald Trump said the ceasefire had collapsed, adding pressure to markets.
Analysts cautioned further volatility could send prices soaring.
The price surge reflected heightened risk to shipping routes and uncertainty over the ceasefire.
Traders noted the cumulative impact of the strikes and political comments on the market.