According to reports, global oil prices increased as investors monitored the situation regarding the fragile US-Iran ceasefire.
The provisional two-week ceasefire has been challenged following Israel's series of lethal assaults on Lebanon, leading Tehran to threaten a "response that would lead to regret" if the attacks persist.
Oil prices fell sharply on Wednesday following the announcement of an agreement that involves the reopening of the crucial Strait of Hormuz waterway.
Traffic along the vital shipping route has faced significant disruption after Iran warned it would target vessels attempting to navigate the strait, in response to US-Israeli airstrikes on Iran.
Global benchmark Brent crude increased by 2.2percent to $96.70 (£72.18), whereas US-traded West Texas Intermediate rose by 2.8percent to $96.90.
Oil prices continue to be significantly elevated compared to their levels prior to the conflict that began on 28 February.
The price of drude has risen amid indications that discussions between Iran and the US remain "still fragile," stated OCBC bank strategist Sim Moh Siong.
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He added that the market's primary focus in the coming days will be the flow of energy shipments via the Strait of Hormuz.
Sim noted that there is also uncertainty regarding how Tehran intends to manage the movement of ships.
Traders are monitoring for alterations in oil supply, as the dynamics between Iran and the US are "clearly delicate," according to Danny Price of consultancy Frontier Economics.
Since some impaired oil and gas installations will require time to repair, he noted that prices will probably stay elevated for at least a year.
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Key Asian markets dipped modestly on Wednesday. Japan's Nikkei 225 index fell by 0.5percent, whereas South Korea's Kospi decreased by 1.2percent.
The ceasefire was proclaimed on Tuesday evening, Washington time, just before a 20:00 EDT (00:00 GMT on Wednesday) deadline established by US President Donald Trump.
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He had cautioned that "an entire civilization will perish tonight" if an agreement was not achieved.
A condition of the agreement was that vessels could safely navigate the Strait of Hormuz.