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It comes as Iranian attacks on ships intensify in the crucial Strait of Hormuz waterway.
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Brent crude rose by almost 9% to top $100 ($74.79) a barrel in Asian trading even after all 32 members of the International Energy Agency's (IEA) said they will release 400 million barrels in response to supply concerns.
On Wednesday, Iran warned that oil could reach $200 a barrel as its attacks on ships intensify in the Strait of Hormuz, a key waterway for energy shipments.
An Islamic Revolutionary Guard Corps (IRGC) spokesperson said any vessel linked to the US, Israel or their allies will be targeted.
"You will not be able to artificially lower the price of oil. Expect oil at $200 per barrel," the spokesperson said.
"The price of oil depends on regional security, and you are the main source of insecurity in the region."
The narrow shipping route is crucial to the global economy as about a fifth of the world's energy supplies usually passes through it.
IEA members represent around two thirds of global energy production and consumption.
The release of reserves is more than double the previous IEA record, which came after Russia's invasion of Ukraine in 2022.
The IEA's decision is "historically significant" but is only a "temporary buffer", said Martin Ma from the Singapore Institute of Technology.
Oil prices will stay high as long as there is a risk to supplies and latest jump suggests that traders are still expecting a "prolonged" disruption, he added.
Global oil markets have been extremely volatile since the US and Israel launched airstrikes against Iran on 28 February, with Brent crude reaching almost $120 a barrel earlier this week.
In the US, the average price of petrol rose above $3.50 a gallon on Tuesday, according to the American Automobile Association.
Many countries in Asia, which are heavily reliant on energy from the Middle East, have been hit particularly hard.
Long queues were seen at petrol stations in the Philippines
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