Brent crude futures climbed $1.38, or 1.9%, to $75.54 a barrel, as fresh US airstrikes on Iran and renewed sanctions triggered a sharp repricing of geopolitical risk.
The move comes after an Iranian vessel attack, compounding fears that the fragile interim truce between Washington and Tehran is unraveling.
Markets are reacting to the immediate threat to regional stability and the potential for renewed combat operations that could disrupt energy flows.
The price surge reflects a rapid return of the risk premium that had been partially unwound in recent weeks.
With US-Iran talks in Doha having stalled earlier in the week, the latest military actions have removed any near-term certainty regarding a diplomatic resolution.
Traders are now pricing in a higher probability of sustained disruption to shipping routes, particularly through the Strait of Hormuz, which remains a critical chokepoint for global oil and LNG supplies.