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Oil prices surged more than 6% on Thursday.
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The recent rebound reflects traders' growing concern about the expanding war, which now extends from the Persian Gulf to the Red Sea.
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Futures contracts reflect an expectation that low inventories and midterm elections are likely to push the Trump administration to try to ease tensions with Iran.
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Oil prices rose Thursday to their highest level since early June after the latest Iran war escalation threatened severe new disruption to global supplies.
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The price of Brent crude rose more than 5% on Thursday as the war in the Middle East continues to escalate.
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Kyiv is escalating its air war by striking commercial warehouses, trying to bring the conflict closer to home for ordinary Russians.
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Ukraine has ratcheted up its attacks on Russia's Amazon-style retail giant Wildberries, signaling a new phase in the war.
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The president has attended two previous dignified transfers since the war began; this is the first since he declared the ceasefire over.
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The risk of continued fighting and a threatened blockade in the Red Sea added to uncertainty about the flow of energy from the region.
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Trump compares Iran deaths to Vietnam, Afghanistan totals
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Ukrainian drones have hit several retail warehouses belonging to Russia's biggest online retailer Wildberries in a matter of days.
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In a war dominated by drones and long-range missiles, the front line has moved to U.S. facilities far from Iran's borders.
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