Brent crude oil prices fluctuated as markets reacted to new U.S. military strikes on Iran.
The escalation raised concerns regarding potential supply disruptions through the Strait of Hormuz.
Brent futures initially dropped to approximately $76.99 a barrel on Thursday.
Prices later climbed toward $80 a barrel.
The commodity extended gains for a third consecutive day.
Aneeka Gupta, a director at WisdomTree, expects Brent to trade between $75 and $85 over the next month.
Gupta noted a mild upward bias as the global supply recovery remains incomplete.