Oil prices jumped sharply after the U.S. launched new attacks on Iran, targeting a military site in the strategic port city of Bandar Abbas.
The U.S. Central Command also reported shooting down four Iranian drones near the Strait of Hormuz.
Global benchmark Brent crude rose 3.75% to $97.83 a barrel; U.S.-traded crude gained 4%, hitting $92.22.
These strikes come despite a ceasefire, as talks continue to end a three-month conflict that has effectively closed the Strait of Hormuz. Approximately 20% of global oil and liquefied natural gas supplies normally transit this waterway.