Oil prices climbed more than 3 percent as a fresh round of fighting across the Middle East undermined diplomatic efforts to end a five-month-old conflict. After several days of a lull in the direct conflict, a flare-up in tensions has left investors concerned about the continued flow of energy from the region.
Tensions intensified after Iran launched an attack on U.S. forces using ballistic missiles. In response, U.S. forces hit Iran late Wednesday following a threat by Trump to give Tehran a beating.
The market saw Brent crude futures climb toward $87 and trade near $90 before gaining 1.5 percent to reach $92.10 a barrel. Similarly, U.S. West Texas Intermediate futures, which were previously near $83 and below $84, advanced 0.9 percent to $85.23 per barrel.