Oil prices climbed on Thursday after renewed United States strikes in Iran heightened fears of disruption to commercial shipping through the Strait of Hormuz.

Brent crude, the global benchmark, rose 2.48 per cent to $96.63 per barrel by 4:13 a.m. ET, easing slightly from earlier gains.

West Texas Intermediate increased 2.41 per cent to $90.82 per barrel.

Separately, Iran’s Revolutionary Guards said they had struck a U.S. airbase at about 4:50 a.m. local time, according to the semi-official Tasnim news agency.

The IRGC did not disclose the location of the base.

The announcement came after American forces carried out fresh strikes in Iran on a military site they said posed a threat to U.S. troops and commercial shipping through the Strait of Hormuz, a U.S. official told MS NOW.

According to the official, U.S. forces also intercepted and shot down several Iranian drones during the operation.

In a note published late Wednesday, Citi said oil markets were stabilising as investors gradually priced out worst-case supply disruption scenarios, amid signs that Washington and Tehran were edging closer to an agreement.