On Wednesday oil prices climbed sharply, around six percent.
New strikes in the region threatened the US-Iran ceasefire.
Tankers kept sailing through the Strait of Hormuz, maintaining supply flows.
President Donald Trump claimed the ceasefire had collapsed, adding pressure to markets.
Analysts cautioned additional turbulence could send prices soaring.
The price surge reflected heightened risk to shipping routes and doubt over the ceasefire.
Traders pointed out the combined effect of the strikes and political remarks on the market.