Brent crude futures climbed 1.7% to $106.88 per barrel, while WTI rose 1.4% to $97.21 per barrel.
Prices surged amid continued closure of the Strait of Hormuz, a key route for about 20% of global oil supplies.
President Trump said he is not in a rush to end U.S.-Iran conflict, ordering the Navy to “shoot and kill” Iranian vessels.
Israel and Lebanon secured a three‑week ceasefire extension, but the move offered little market relief.