On Wednesday oil prices jumped sharply, around six percent.
Fresh strikes in the region threatened the US-Iran ceasefire.
Tankers kept moving through the Strait of Hormuz, keeping supplies flowing.
President Donald Trump stated the ceasefire had collapsed, putting further pressure to markets.
Analysts warned increased volatility could send prices soaring.
The price surge shown heightened risk to shipping routes and uncertainty over the ceasefire.
Traders observed the combined effect of the strikes and political statements on the market.