Brent crude prices surged to $76.39 on Wednesday morning following reports of a US military strike against Iran.
The escalation in the Middle East triggered an immediate risk premium in energy markets, sending oil equities higher at the open on the Oslo Børs.
Crude prices had fallen nearly 3% on Thursday, wiping out a week of gains, after reports emerged that former US President Donald Trump signaled hesitancy to resume full-scale military action against Iran.
The main index rose approximately 0.8% shortly after trading began, driven by strength in the energy sector.
The sharp move in oil marks a dramatic reversal from earlier in the week.
Crude prices had fallen nearly 3% on Thursday, wiping out a week of gains, after reports emerged that former US President Donald Trump signaled hesitancy to resume full-scale military action against Iran.
Those reports of a potential diplomatic de-escalation had briefly calmed investor nerves, but the new reports of active strikes have quickly erased that relief.