Oil prices moved higher on Thursday as geopolitical tensions escalated, with Iran continuing its attacks on Washington's Gulf allies. Kuwait's air defense systems were actively intercepting incoming missiles and drones, according to reports from the region.

Brent crude futures climbed 57 cents to settle at $96.20 a barrel, after at one point surging above $97 during the trading session. Meanwhile, US West Texas Intermediate (WTI) crude advanced 85 cents to reach $91.86 a barrel.

Kuwait's military announced on Thursday that the nation was under "sustained Iranian military strikes," with air defense units working to neutralize hostile projectiles and unmanned aerial vehicles. This week has seen mutual military exchanges between Washington and Tehran for the first time since July, pushing weekly crude gains to more than 7%.

The United States is intensifying its efforts to degrade Iran's capacity to threaten commercial shipping transiting the Strait of Hormuz. US Energy Secretary Chris Wright revealed that with American naval escort support, over 17 million barrels of oil were transported through the strategic waterway on Monday, marking a wartime record. Prior to the outbreak of conflict on February 28, daily traffic through the strait averaged approximately 20 million barrels of crude and refined products.

President Donald Trump expressed confidence on Wednesday that the current confrontation would not spiral into a full-scale war. "This conflict won't last much longer," Trump stated regarding the hostilities. "They simply don't have the resources to sustain prolonged fighting."