This comes after a significant spike of over 5% in the previous day's trading, with prices ultimately settling around 2.5% higher. However, oil broker Tamas Varga has cautioned that prices could skyrocket even further if Israel responds to Iran's large-scale missile attack on Tuesday night.
The UN Security Council and the OPEC+ group are scheduled to convene on Wednesday to address the growing unrest and discuss the impact on the oil market.
MNA