The escalation of the Middle East conflict has sparked concerns of supply interruptions, leading to a rise in oil prices.

Due to the escalation of conflict in the Middle East causing concerns about more supply disruptions, oil prices rose in early trading. Nearby West Texas Intermediate crude oil futures rose 2.8% to $102.43 per barrel; Nearby Brent crude oil futures rose 2.6% to $115.53 per barrel. Houthi rebels in Yemen have joined the conflict and have claimed responsibility for the second attack on Israel within 24 hours. Analysts at ANZ Bank's research department stated in a research report that Houthi rebels in Yemen have threatened shipping through the Red Sea. These analysts pointed out that Saudi Arabia has managed to bypass the essentially closed Strait of Hormuz by using its east-west pipeline to ship up to 6 million barrels of oil per day to the international market through the Red Sea.