Brent July futures rose 6.2% to $114.87/barrel and WTI June up 4.1% to $106.16 amid heightened Middle East tensions.
Iran launched missile and drone strikes on the Fujairah Oil Industry Zone, igniting a fire and injuring three Indian nationals.
U.S. President Donald Trump announced "Project Freedom" to escort ships in the Strait of Hormuz, deploying over 100 aircraft and 15,000 service members.
OPEC+ will increase output by 188,000 barrels per day in June as the UAE prepares to exit OPEC.