Industry experts warn Israel-Iran conflict could push oil to $120 per barrel if shipments through the Strait of Hormuz are disrupted during the tensions.

The initial round of Israeli attacks sent oil prices 7 percent higher on Friday. Still, at about $74 a barrel, Brent crude remains below the $80 average for 2024, the Deutsche Bank analysts wrote. The market continued to waver, though, and by Monday, oil prices had fallen about 3 percent.

Oil prices ticked up in early trading on Wednesday after ending the previous session up more than 4% on worries that the Iran-Israel conflict could disrupt supplies.