Oil prices jumped around 5 percent on Thursday.
Brent crude rose 4.81 percent from Wednesday’s close to $105.02 per barrel, while West Texas Intermediate gained 5 percent to $92.69 per barrel.
Prices had declined earlier in the week after the International Energy Agency said it would decide how to release 100 million barrels of crude oil and fuel agreed upon by G7 countries. However, the planned release was already largely reflected in market prices, limiting its impact.
Reuters reported that new attacks on oil tankers in the Strait of Hormuz pushed prices higher.
12 attacks were recorded between September 28 and October 2, the highest number in any week since the Iran war began.
Tanker traffic through the strategic waterway has dropped sharply, with flows on Tuesday falling to their lowest level since late July, according to Kpler.
Meanwhile, operators along the Gulf began shutting in production and preparing refineries ahead of an approaching storm, adding another supply-related concern to the market.
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