Oil prices climbed about 1% on Wednesday after Iran's security chief said Tehran would not allow even a single particle of enriched nuclear material to leave the country.
Brent crude hit $92.77 a barrel and US West Texas Intermediate reached $86.80, reflecting how quickly global events can shake up energy costs.
Strait of Hormuz saw 37 incidents
The Strait of Hormuz, a key route for oil ships, has seen a surge in attacks, with 37 incidents just last month.
June Goh, senior analyst at Sparta Commodities, pointed out that uncertainty around U.S.-Iran relations is keeping markets on edge.
Even if diplomats find common ground, issues like clearing mines and insurance costs will still make oil deliveries tricky for a while.