Oil prices in Asia rose on Thursday morning, despite the fact that more than 30 countries, including the United States, agreed on Wednesday to use an unprecedented amount of oil reserves to mitigate the consequences of the ongoing war in the Middle East.

Brent crude rose by about 6.5% to $ 97.93 a barrel. After a sharp rise on Monday, oil prices fell after US President Donald Trump announced that the war would soon end.

The price of crude oil being traded on the US market rose by more than 6% to $ 92.77 a barrel. Iran had threatened Wednesday that the price of oil could reach $200 a barrel and that oil tankers would not pass through the Strait of Hormuz, through which a fifth of the world's oil is transported.

Major indexes were down in early trading on Thursday, with Japan's Nikkei and Australia's ASX 200 down about 1%. South Korea's Kospi index fell about 0.4%.