On Wednesday oil prices jumped sharply, up about 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, adding pressure to markets.
Analysts alerted increased volatility could drive prices up.
The price surge reflected increased danger to shipping routes and uncertainty over the ceasefire.
Traders pointed out the combined effect of the strikes and political comments on the market.