RoydadNaft –  Brent crude futures rose $1.48, or 1.63%, to $92.22 a barrel. U.S. West Texas Intermediate (WTI) crude gained 43 cents, or 0.51%, to $84.89 a barrel.

Brent crude prices climbed more than $1 a barrel on Thursday in a volatile session as investors swung between focusing on escalating U.S. attacks on Iran and hopes for a resolution that may resume shipping through the Strait of Hormuz.

Brent futures rose $1.48, or 1.63%, to $92.22 a barrel as of 0707 GMT. U.S. West Texas Intermediate (WTI) crude gained 43 cents, or 0.51%, to $84.89 a barrel.

Both contracts had erased some of their earlier losses after settling about 7%–8% higher on Wednesday in one of the sharpest daily price spikes during the Iran conflict, after U.S. President Donald Trump threatened to hit Iran “very hard” following an Iranian missile attack on Tuesday on a U.S. base in Jordan.

The U.S. Central Command said the United States carried out two hours of attacks on Iran beginning at 8:00 p.m. ET (0000 GMT).

On Wednesday, the U.S. and Saudi Arabia struck Iran-backed paramilitary forces in Iraq — the first time Saudi Arabia had publicly joined U.S. airstrikes — in retaliation for drone attacks on Saudi oil facilities launched from Iraqi territory. The action ended a lull in U.S. strikes on Iran that had begun over the weekend.

“Europe is waking up to the news of the U.S. attacks, so buying up,” said Vandana Hari, founder of oil market analysis firm Vanda Insights.

In another blow to supply, the Caspian Pipeline Consortium, quoted by the Russian news agency Interfax, said on Thursday that it had suspended oil loadings following a drone attack on a tanker.

Analysts said investor attention was focused on the volume of oil exiting key chokepoints and the possibility of a diplomatic breakthrough.

“Trump’s ‘hit hard’ rhetoric caused the price spike immediately, but it looks like the market has fully priced that in and is now considering the ‘TACO’ possibility,” said Lin Ye, vice president of commodity markets, oil, at Rystad Energy, referring to the acronym “Trump Always Chickens Out.”

Ye noted that the market is following a familiar pattern: geopolitical headlines trigger rapid price spikes, but those gains are often short-lived as actual supply flows and parallel diplomatic efforts determine how long the upward moves persist.

Iran’s Fars news agency reported that a Qatari LNG tanker had passed through the Iran-designated route in the Strait of Hormuz with Tehran’s permission.

The Al Areesh tanker, which loaded a cargo at Qatar’s Ras Laffan terminal around July 4–6, sailed out of the strait overnight on July 29, according to Kpler and LSEG data.