WASHINGTON (dpa-AFX) - Oil prices traded higher on Tuesday amid fears of an escalation in Middle East tensions and potential crude oil supply disruption.
Brent crude futures rallied 1.4 percent to $74.24 a barrel in early European trade, reversing Monday's brief decline after reports emerged that Iran is seeking an end to hostilities with Israel.
U.S. President Donald Trump has warned about the Israeli-Iran conflict on social media, increasing the prospect of deepening unrest in the region and disruption to oil supply.
As Israel and Iran attacked each for a fifth straight day, Trump urged residents of Iran's capital, Tehran, to evacuate in a social media post, warning once again that Iran must not be allowed to develop nuclear weapons.
Trump's decision to cut short his G-7 visit has also added to concerns about potential U.S. military involvement in the region.
In light of escalating tensions, multiple countries, including India, the United States, Russia and the United Kingdom, have issued travel advisories for their citizens in the region.
Israeli PM Netanyahu compared Iran's nuclear program to cancer, vowing it must be 'cut out.' He said Israel will destroy Iran's nuclear, missile, and terror infrastructure, with U.S. support and hinted the Iranian regime could collapse under pressure.
G7 leaders meeting in Canada on Monday affirmed, 'Israel has a right to defend itself.' The joint statement added, 'Iran can never have a nuclear weapon,' and urged that resolving the crisis should lead to wider calm across the Middle East, including 'a ceasefire in Gaza.'
Iran launched a fresh wave of missiles toward Israel early in the morning, prompting the Israel Defense Forces (IDF) to issue a nationwide alert.
Israel's military claimed today it had killed Ali Shadmani, who it identified as Iran's wartime chief of staff and said was the most senior military commander.
It is feared that further escalation in Middle East tensions could trigger a broader regional conflict and disrupt liquified natural gas (LNG) exports through the Strait of Hormuz.
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