Oil prices rose sharply on Thursday following reports that the United States is considering potential military action against Iran, heightening concerns over further disruptions to already strained Middle East oil supplies.

Brent crude futures for June increased by $5.27, or 4.5%, reaching $123.30 per barrel as of 03:47 GMT, after gaining 6.1% in the previous session. The June contract marked its ninth consecutive day of gains before expiring Thursday, while the more actively traded July contract rose $2.66, or 2.4%, to $113.10 after a 5.8% increase in the prior session.

U.S. West Texas Intermediate (WTI) crude futures for June climbed $2.42, or 2.3%, to $109.30 per barrel, following a 7% surge in the previous session. WTI has risen in eight of the last nine trading sessions.

Both major benchmarks are now on track for a fourth consecutive month of gains.

According to a report by Axios, U.S. President Donald Trump is expected to receive a briefing on Thursday regarding plans for a series of military strikes on Iran, aimed at pushing Tehran back to negotiations over its nuclear program.

The conflict escalated after the United States and Israel launched airstrikes on Iran on February 28. Iran responded by effectively closing the Strait of Hormuz, a critical chokepoint for global energy shipments. Although a ceasefire has paused active combat, the U.S. has imposed a blockade on Iranian ports, further complicating supply routes.

Efforts to resolve the conflict have stalled. The United States insists on addressing Iran’s alleged nuclear weapons program, while Iran demands partial control over the Strait of Hormuz and compensation for war-related damages.

“The oil market has moved from over-optimism to the reality of the supply disruption we are seeing in the Persian Gulf,” analysts at ING said in a note.

Officials indicate that supply disruptions could persist for months. On Wednesday, President Trump reportedly held discussions with oil companies on mitigating the impact of a prolonged U.S. blockade.

“Prospects for any near-term resolution to the Iran conflict or a reopening of the Strait of Hormuz remain dim,” said IG market analyst Tony Sycamore.

Meanwhile, the OPEC+ alliance is expected to approve a modest production increase of approximately 188,000 barrels per day during its upcoming meeting on Sunday.

This comes shortly after the United Arab Emirates announced its withdrawal from OPEC, effective May 1—a move that could weaken the group’s ability to regulate global oil prices. However, analysts suggest the impact may be limited in the short term due to ongoing supply disruptions linked to the conflict.

“Gulf countries, including the UAE, will take months to return to pre-war production levels,” analysts at Wood Mackenzie noted.