Oil prices are rising in the face of escalating tensions in the Middle East conflict.

In the context of escalating conflicts in the Middle East, oil prices in Asia rose in early trading. The near-month West Texas Intermediate crude oil futures rose by 0.8%, to $80.24 per barrel. US officials stated that after receiving briefings from senior aides for several days, US President Trump is inclined to expand US military actions in Iran. Analysts from ANZ Bank stated in a research report, "Trump has promised to intensify bombardment on Iran until they stop attacking ships in the Strait of Hormuz and agree to reopen it." These analysts added that there are concerns about "further disruptions to oil supply." The Strait of Hormuz is a crucial waterway through which one-fifth of global oil shipments pass.