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The latest move higher comes amid reports that the U.S. will look to extend its blockade of Iranian ports.
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Regional uncertainty hangs over the previously booming AI infrastructure and data center sector in the region.
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The United Arab Emirates' decision to leave OPEC has rocked the region, underscoring how the country, at odds with Saudi Arabia, is increasingly charting its own course.
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;Resize=(620)) Ukraine has hit around a dozen Russia refineries in recent weeks, stepping up attacks at the same time that oil prices rose because of the global energy crunch.
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The departure weakens the Organization of the Petroleum Exporting Countries, long criticized by Trump, as the global economy reels from the Iran war energy shock.
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