Crude oil futures rise as Iranian attacks target energy infrastructure in the Persian Gulf region.

Oil prices rebounded after experiencing the first decline in nearly a week, as Iran escalated attacks on energy infrastructure around the Persian Gulf. Brent crude futures rose to around $105 a barrel, after falling 2.8% on Monday; WTI crude futures climbed to around $98 a barrel. The UAE's Shah gas field has been temporarily shut down, and an oil field in Iraq and a key UAE port have also been targeted by Iranian drone and missile attacks. With the war entering its third week, the global energy supply outlook has been further undermined, and the impact of nearly complete disruptions in shipping through the Strait of Hormuz has already affected consumers, especially in Asia. Since the outbreak of the war, oil prices have risen by over 40%, but on Monday, prices fell for the first time in four days as the US prepared to release the first batch of emergency crude reserves. "The news is constant and the market is reacting violently with every twist and turn," said Rebecca Babin, a senior energy trader at CIBC Private Wealth Group LLC, on Bloomberg TV. "It's a market that's playing out around 100 different stories at once, and everyone is frantically trying to determine the extent of supply disruptions and how long they will last."