Brent crude futures climbed 1.9% to $75.53 per barrel for September delivery, breaking through the $75 level as markets reacted to renewed military escalation between the United States and Iran.
The US benchmark, West Texas Intermediate (WTI), also advanced, tracking the broader risk premium triggered by the latest developments in the Middle East.
The price surge follows reports that the United States carried out fresh strikes on Iran in response to Tehran's attacks on commercial vessels transiting the Strait of Hormuz.
The Strait remains a critical chokepoint for global energy supplies, and any disruption to shipping routes immediately translates into higher risk premiums for crude oil.
Traders are now pricing in the potential for sustained supply constraints as the conflict intensifies.
This development marks a significant shift from the relative calm seen earlier in the week.