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Oil prices rose on Thursday amid growing concern over the prolonged closure of the Strait of Hormuz, as the U.S.-Iran war ​chokes off vital Middle East oil and gas flows while production facilities limit ‌output.

Oil rose in early Asian trade on prospects of prolonged supply disruptions driven by the Middle East conflict.

Oil fluctuated after Iran denied a report that it indirectly reached out to the US in a bid to end the war in the Middle East, as the conflict menaces vital global energy flows.  Bloomberg's Mike McGlone joins to discuss the fluctuation in oil as well as how commodities are moving amid the Iran war.

Charter rates nearly doubled in recent days and are up fivefold since the start of the year.

The U.S. and Israel started a conflict with Iran over the weekend, wreaking havoc on the oil-rich Middle East region. Brent crude prices are taking the bigger brunt of the impact, with its premium above U.S. benchmark prices having climbed to their highest in over two years.

Prices for heavy crude produced in the Americas surged to multi-year highs on Wednesday, as the U.S.-Israeli attacks on Iran stymied exports of similar oil ​produced in the Middle East.

Amid the conflict in Iran, oil prices have skyrocketed, leaving consumers with potential pain at the pump, though it creates an opportunistic environment for savvy traders. Ongoing supply disruptions and a resurgence in industrial activity should provide even more bullish catalysts.

The U.S. stock market is rebounding Wednesday from two days of punishing swings after oil prices stopped spiking and reports gave encouraging updates on the economy.

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Max Layton, Citi global head of commodities research, joins 'The Exchange' to discuss the oil complex, how the war plays into the energy landscape and more.