Meanwhile, resource-poor Japan implores the Saudis for more oil: File Image/Pixabay

Oil prices continued their upward trajectory on Thursday, spurred by the resignation of Iran’s parliament speaker from the team involved with peace talks with the U.S., and multiple reports that the Revolutionary Guard was taking firmer control of the Islamic republic.

No sooner did Brent settle above $105 per barrel (with West Texas Intermediate hovering around $96.50) than Iran media claimed air defence batteries had been activated in Tehran, likely heralding further oil price escalations in the upcoming session.

Iran media also broadcast images of its military storming a cargo ship as if to flaunt its grip on the Strait of Hormuz, and perhaps testing U.S. president Donald Trump’s resolve to maintain his indefinite extension of the ceasefire – and this caused Ross Mayfield, investment strategy analyst at Baird, to remark, "Markets are trying to test out how far they can run, before we actually get hard evidence that the resolution, or that Iran is moving towards an actual resolution.

"We've had this incredible rally on the promise and the directional shift towards peace, but at a certain point you need to see more hard evidence."

The International Energy Agency weighed in once more about the effect U.S./Iran war, with executive director Fatih Birol telling media on Thursday that “We are facing the biggest energy security threat in history… As of today, we’ve lost 13 million barrels per day of oil ... and there are major disruptions in vital commodities.”

Birol earlier stated that Strait of Hormuz closure could redraw the world energy distribution map, noting that “The era when the global economy was critically dependent on a single strait is becoming history.”

He also stated, “I expect, first of all, nuclear power, will get a boost. ... Renewables will grow very strongly — solar, wind and others — [and] I expect electric cars will benefit from this,” and he added that “In some countries, I expect the coal may also see a push and go back up, especially in some big countries in Asia.”

Indeed, some evidence of that prediction was already unfolding across Europe, where rooftop solar installations have tripled in an attempt by consumers to buffer against spiking prices.

But oil continues to be the lifeblood of most developed countries, and on that score Japan on Thursday asked Saudi Arabia to expand its supply to the resource-poor country; in response, crown prince Mohammed bin Salman told Japan's prime minister that he would continue to cooperate  to stabilize the situation, including ensuring safe navigation in the Hormuz.