According to a Reuters report, Brent crude rose 9 cents (0.1%) to $87.16 per barrel, and WTI oil rose 4 cents to $81.29. Earlier on Thursday, the two benchmarks fell 2% on concerns over weaker demand, but so far this week, prices of both types of oil have risen nearly 4%.

The head of Iran's paramilitary Basij force has claimed that the Strait of Hormuz is 'under the control of the Islamic Republic.' If a prolonged conflict occurs in this vital waterway, there are concerns that global supplies could be disrupted. On the other hand, OPEC and the IEA have lowered their forecasts for growth in oil demand worldwide, and U.S. oil inventories have risen sharply, which is putting pressure on prices.

Meanwhile, two ships of Abu Dhabi National Oil Company (ADNOC) came under attack in the Strait of Hormuz, which has further heightened concerns about oil supplies.