Prices were already trading up in the session on continued disruptions to oil supplies through the strait.

Prices were already trading up in the session on continued disruptions to oil supplies through the strait.

Brent crude rises nearly 6 percent as soaring tensions in waterway push ceasefire to the brink.

Oil prices rose Thursday, as investors continue to assess the latest developments in the Middle East amid concerns over renewed tensions between Iran and the U.S.