Oil prices rose more than 8% after US President Donald Trump reiterated threats to hit Iran "extremely hard" in the coming weeks and failed to give concrete details on how the war will end. Brent crude rose above $108.

Oil prices climbed to around $110 a barrel on Thursday after President Donald Trump said the U.S. would continue attacks on Iran, stoking fears of prolonged disruptions to oil supply.

The price of oil surged while stocks retreated fter U.S. President Donald Trump's address stoked fears the Iran war could be about to get a lot worse.

Stocks rebound after sliding in early-day trade, with investors buoyed by reports that Iran and Oman could monitor ship traffic in the Strait of Hormuz.

Markets recoiled on Thursday as war jitters over Iran deepened, with stocks sliding, oil surging well over $100 per barrel and the dollar firming after U.S. President Donald Trump dashed hopes for clarity on when the Middle East conflict might end.

Dozens of countries attended a virtual meeting on fully reopening the Strait of Hormuz, as US President Donald Trump calls on allies to unblock the waterway. Follow live updates.

West Texas intermediate contracts climbed about 7% to $107.27 a barrel, while Brent crude futures advanced almost 8% to $108.88 a barrel. It comes following mixed messages from Trump over the future of the conflict in the Middle East,

President Trump's address on Iran left oil markets unsettled, leading to a spike in Brent and WTI futures amid ongoing geopolitical tensions.