Oil/Chemical Tanker "Bald Man" at the Port of Fujairah, as the U.S.-Israel conflict with Iran limits marine traffic in the Strait of Hormuz, in Fujairah, United Arab Emirates, May 6, 2026.

Amr Alfiky | Reuters

Oil prices rose Thursday in volatile trading as investors continue to assess the latest developments in the Middle East amid concerns over renewed tensions between Iran and the U.S.

International benchmark Brent crude futures for July gained 0.91% to $102.19 a barrel. U.S. West Texas Intermediate futures for June rose 1.23% to $96.25 per barrel.

Scott Chronert, Citi U.S.…