Before the conflict began, oil traded near $70 a barrel
Oil prices jumped on Friday after the US and Iran exchanged fire near the strategic Strait of Hormuz, a key route for global oil shipments.
Brent crude briefly rose nearly 3% to almost $103 a barrel before easing to around $100.
US West Texas Intermediate crude gained 5 cents to $94.86. Before the conflict began, oil traded near $70 a barrel.
Tensions increased after US and Iranian forces clashed in the Gulf, and the UAE faced new attacks.
The US said it carried out self-defense strikes after Iranian forces attacked American ships leaving the Gulf. Iran accused Washington of breaking an April ceasefire and claimed its forces damaged US vessels, though the US military denied the claim.
Despite the clashes, President Donald Trump said the ceasefire remained in place and negotiations with Tehran were continuing.
Notably, the Port of Corpus Christi in Texas has emerged as a major global oil hub, with tankers flocking to the US Gulf Coast during the Iran war.
US crude exports surged more than 30% to a record 5.2 million barrels per day in April, up from 3.9 million barrels per day before the conflict.
Analysts say the trend may be temporary because US light crude cannot fully replace heavier Middle Eastern oil supplies. Demand for Gulf Coast exports remains extremely strong amid ongoing tensions.