On Wednesday oil prices climbed sharply, up about six percent.
Fresh strikes in the region put at risk the US-Iran ceasefire.
Tankers kept moving through the Strait of Hormuz, keeping supplies flowing.
President Donald Trump said the ceasefire had collapsed, putting further pressure to markets.
Analysts warned additional turbulence could send prices soaring.
The price surge reflected elevated risk to shipping routes and ambiguity over the ceasefire.
Traders pointed out the cumulative impact of the strikes and political comments on the market.