Oil prices rise as tensions between Iran and Israel escalate

Oil prices rose in early trade on Tuesday (June 17) on growing concerns about an escalation of military conflict between Iran and Israel, while the risk of disruption to oil supplies from the key Middle East region remains.
Brent North Sea crude rose 34 cents, or 0.5 percent, to $73.57 a barrel by 3:40 a.m. GMT.
Meanwhile, U.S. crude futures rose 29 cents, or 0.4 percent, to $72.6 a barrel. Both indices had gained more than 2 percent in early trading.
Oil prices fell more than 1 percent in early trade on Monday (June 16) as reports of Iran’s efforts to end hostilities eased concerns.

However, concerns have been heightened after US President Donald Trump urged everyone to evacuate the Iranian capital, Tehran, in a social media post.
The conflict, now in its fifth day, has continued with reports of explosions and heavy air defense fire in Tehran. In Israel, air raid sirens have sounded in Tel Aviv in response to Iranian missile attacks.