Oil prices climbed more than $2 a barrel on Thursday after Iran declared the Strait of Hormuz closed following new U.S. strikes against Iran.

Iran claimed it struck 18 US military targets in two waves of operations, including the Sheikh Isa Air Base, while the US Central Command stated it conducted self-defense precision strikes targeting Iranian military surveillance capabilities, communication systems, and air defense sites.

The US and Iran continue to exchange strikes amid recent escalation in the conflict in the Middle East.

The United States launched a fresh wave of military strikes against Iran on Wednesday, triggering explosions across multiple locations in the country's south.

Iran declared the Strait of Hormuz closed to all vessels and struck American military sites in Bahrain and Kuwait for the second consecutive day.

Oil prices surged again in early Asian trade on Thursday after Iran declared the Strait of Hormuz closed following a fresh round of U.S. strikes on the country.

U.S. forces launched targeted strikes in Iran in response to perceived aggression, and the Iranian military responded with counter-attacks on U.S. bases in Kuwait and Bahrain.

Iran's Mehr news agency reported that the country's top joint military command had ordered the complete closure of the Strait of Hormuz to all maritime traffic.