Industry experts warn Israel-Iran conflict could push oil to $120 per barrel if shipments through the Strait of Hormuz are disrupted during the tensions.

President Trump said on Wednesday that Iran wants to negotiate, but he wouldn’t rule out U.S. military action.

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.