On Wednesday oil prices rose 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 claimed the ceasefire had collapsed, putting further pressure to markets.
Analysts alerted further volatility could drive prices up.
The price surge shown increased danger to shipping routes and ambiguity over the ceasefire.
Traders noted the cumulative impact of the strikes and political statements on the market.