Oil prices edge higher after strikes on Israel test ceasefire

Oil prices rose in the wake of Iranian missile and drone strikes on Israel, escalating tensions in the Middle East and threatening the stability of global energy supplies. Iran's declaration that this marks the beginning of "a full week" of attacks signals a sustained campaign that could disrupt oil production and transportation routes critical to world markets. The escalation represents a direct test of the ceasefire framework and raises concerns about broader regional conflict that could constrain the global oil supply.

Markets are now closely monitoring whether Israel will retaliate and how the United States and other powers will respond, as each move could further destabilize the region and impact energy availability. The situation underscores the persistent vulnerability of oil markets to geopolitical shocks, particularly in the Middle East, where a significant portion of global crude production and shipping lanes remain concentrated and exposed to conflict-related disruptions.