The November West Texas Intermediate contract climbed $4.72 to reach $92.93 per barrel by 11 a.m. ET, while December Brent crude surged 5.3% to $105.51. Fuel markets saw similar volatility, with November ULSD gaining 25.55 cents to $4.8782 per gallon and RBOB futures rising 14.73 cents to $3.3815.

Market participants are reacting to reports of increased Iranian interference with tankers in the Strait of Hormuz and signs that the U.S. may resume bombing campaigns. Samer Hasn, senior market analyst at XS.com, noted that traders are pricing in the risk of future supply losses rather than immediate shortages, as diplomatic solutions appear increasingly unlikely. Compounding these geopolitical tensions, Hurricane Isaias has forced energy firms to begin shutting in offshore production in the Gulf of Mexico. With U.S. gasoline and diesel inventories already trailing seasonal averages due to robust export demand, any storm-related damage to refining capacity threatens to tighten an already strained market.