On Wednesday oil prices jumped sharply, around six percent.
Fresh strikes in the region threatened the US-Iran ceasefire.
Tankers kept sailing through the Strait of Hormuz, ensuring supplies keep moving.
President Donald Trump stated the ceasefire had collapsed, adding pressure to markets.
Analysts alerted further volatility could drive prices up.
The price surge reflected heightened risk to shipping routes and ambiguity over the ceasefire.
Traders noted the combined effect of the strikes and political comments on the market.