WTI crude fell to its 52-week low of $64.78 per barrel on Sep. 10, 2024. It reached its 52-week high of $91.09 on Oct. 20, 2023. That’s 21.47% higher than the current futures price.

Oil prices rose on Wednesday as investors reacted to escalating tensions in the Middle East following Iran's missile attack on Israel. Concerns over disruptions to energy supplies intensified, driving market uncertainty and pushing prices higher.

What worries oil traders the most as tensions build in the wake of Iran’s missile attack on Israel is a potential disruption to the flow of crude in the Middle East — and when it comes to Iran, export terminal Kharg Island could be a key target for the Israel Defense Forces.

Rates to ship oil — and tanker stocks — surged in a sign that Israel’s escalating conflict with Iran might be encouraging traders in some parts of the world to secure crude.