Crude oil prices jumped over $102 per barrel (bbl) during the early market hours on Thursday, April 23, after reports emerged of Iran attacking three ships in the Strait of Hormuz amid the ongoing ceasefire deal with the United States and the military blockade imposed by America at the key trading route.

Investors were trading based on caution and uncertainty related to the escalating US-Iran conflict, despite the ceasefire deal, which has now been extended till further notice, giving Iran the opportunity to propose a potential peace deal.

The global benchmark Brent crude oil prices jumped to near $106 per bbl in the early hours on April 23, Indian time, after the futures opened around the $101 per bbl region. On Wednesday, the oil prices remained elevated, opening close to the $99 per bbl levels only to later surge to $102 per bbl during the trading session.

The West Texas Intermediate (WTI) crude oil futures also surged to $97.19 per bbl levels in the early market session on Thursday, after opening around the $92 per bbl region. During the previous trading session, the crude oil prices were around $93 per bbl levels.