Global oil prices jumped more than 7% on Wednesday after US President Donald Trump announced the end of the truce with Iran, following a new round of strikes in the Middle East.
The benchmark global North Sea Brent crude for September contracts surpassed $80 per barrel, rising 8.04%, and stood at $80.12 per barrel at 15:20 GMT.
West Texas Intermediate crude for August contracts rose 7.65% to $75.83 per barrel.
Both Brent and WTI recorded their highest levels in two weeks.
US President Donald Trump announced in Ankara on Wednesday that the ceasefire with Iran was over, calling the Iranians liars.
Analyst Jean Plassard at Cité Gestion told Agence France-Presse that "the price per barrel rose sharply" on Wednesday morning, but had not yet returned to the record levels it registered during the war.
He considered Trump's announcement to be a "temporary pause" in the ceasefire agreement rather than a definitive end to it, noting that the US president's statement that the memorandum of understanding had "expired" was also aimed at exerting pressure on Iran.
He added that Trump "does not want to halt talks entirely" for electoral reasons, having focused his election campaign on lower oil prices.