Crude oil futures in the Asian market rose in early trading due to escalated Middle East conflicts.

Crude oil futures rose at the opening, as the escalating conflict in the Middle East could lead to supply disruptions. Near-month West Texas Intermediate crude oil futures rose by 3.2% to $99.39 per barrel, while near-month Brent crude oil futures rose by 3.3% to $110.91 per barrel. Israel attacked the South Pars gas field, the largest of its kind globally. Iran retaliated by attacking a major fuel hub in Qatar. Gavin Friend of the National Australia Bank stated in a commentary that Iran has "ramped up the rhetoric of war" and warned that the region's oil and gas infrastructure is now a "legitimate target". The senior market strategist added, "If the reports are true, the US/Israel attacks would mark the first time Iran's upstream oil and gas facilities have been targeted in this war."