"Amid the ongoing Middle East conflict, oil futures are on the rise."

Crude oil futures rose in early trading as the ongoing conflict in the Middle East kept supply disruption risks high. Near-month West Texas Intermediate crude oil futures rose 7.3% to $93.62 per barrel. Analysts at ANZ Bank's research department said in a research report that US President Trump has increased pressure on Iran. These analysts pointed out that Trump warned that, "If we are willing," the US may strike more targets in Iran. The analysts also said that expectations for additional Russian oil to enter the market have been "shattered," mentioning the EU's call to continue imposing price caps on Russian oil.