Oil prices were driven higher on Tuesday by the Iran-Israel conflict, though major oil and gas infrastructure and flows have so far been spared from substantial impact. Brent crude futures gained $1.49,

The dramatic escalation in tensions between Israel and Iran caused a spike in the price of crude and raised fears among oil traders about disruption to shipping in the Strait of Hormuz, one of the world’s most vital waterways.

Oil prices have resumed their upward climb and U.S. futures are lower after Israel's military issued an evacuation warning to 330,000 people in Iran's capital Tehran.