Oil prices jumped Thursday as the United States and Iran exchanged fire for a second day. President Trump ordered strikes on multiple Iranian targets to pressure nuclear negotiations. Iran responded with two waves of attacks on U.S. airbases in Kuwait and Bahrain, though officials have not confirmed the results of those strikes.

Brent crude rose nearly 2 percent to reach $95 a barrel, while West Texas Intermediate climbed to around $92. Traders are reacting to potential disruptions in the Strait of Hormuz. This waterway is a critical trade route that typically carries one-fifth of the world's oil supply between Iran and Oman.

Asian markets dipped in early trading, with Taiwan, Japan, and South Korea seeing losses. Meanwhile, U.S. gasoline prices fell to a national average of $4.15 a gallon. Diesel prices remained higher at $5.30, representing a 41 percent increase since the start of the war.

Market volatility follows the Monday downing of a U.S. Army Apache helicopter. While S&P 500 futures pointed higher, the energy sector remains volatile as military tensions threaten global shipping. Diesel costs have risen sharply while gasoline prices have dropped 40 percent since the conflict began.