Oil prices rise again as the world continues to wait to see how Israel will respond to Iran's missile attack on Tuesday.

Oil prices rose again as the world continues to wait to see how Israel will respond to Iran’s missile attack from Tuesday. A barrel of Brent crude, the international standard, climbed 2.4% to top $75 after starting the week below $72.

The effects of Middle East turmoil are small so far, but could spike if Israel targets Iran’s oil facilities, Patti Domm writes in a guest commentary.

The price of oil has jumped 5% after US President Joe Biden said the US was discussing possible strikes by Israel on Iran’s oil industry. Asked on a visit if he would support Israel striking Iran’s oil facilities, Biden said: “We’re discussing that”, according to Bloomberg.

Oil prices climbed about 3% on Tuesday after Iran fired a salvo of ballistic missiles at Israel in retaliation for Israel's campaign against Tehran's Hezbollah allies in Lebanon.