The initial round of Israeli attacks sent oil prices 7 percent higher on Friday. Still, at about $74 a barrel, Brent crude remains below the $80 average for 2024, the Deutsche Bank analysts wrote. The market continued to waver, though, and by Monday, oil prices had fallen about 3 percent.

Oil prices rose on Tuesday, with analysts saying that uncertainty would keep prices elevated, even as there were no concrete signs of any production losses stemming from the Iran-Israel conflict for now.

Geopolitical factors have dragged Crude Oil prices firmly higher, pushing WTI bids above the 200-day Exponential Moving Average (EMA) near $68.00 per barrel for the first time since early this year. Bids are roiling on headlines between $72.00 and $74.00, with near-term momentum expected to remain choppy.