Oil prices ticked up in early trading on Wednesday after ending the previous session up more than 4% on worries that the Iran-Israel conflict could disrupt supplies.

Tensions between Iran and Israel have driven crude oil prices up, with WTI and Brent crude reaching their highest levels since January. Concerns over potential U.S. military action and disruptions to Iran's oil exports contribute to market anxiety.

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.