Prices rose on Tuesday due to the growing disruptions stemming from the conflict between Iran and Israel, although major infrastructure and oil and gas flows have so far been spared any substantial impact.

In this regard, Brent crude futures, the European benchmark, rose $1,23, or 1,7%, to $74,46 a barrel, while U.S. West Texas Intermediate crude rose $1,08, or 1,5%, to $72,85.

Both contracts rose more than two percent in the early stages of the session, but also registered declines before recovering in volatile trading.

In its monthly oil market report released Tuesday, the International Energy Agency revised its estimate of global crude oil demand down by 20,000 barrels per day (bpd) from last month’s forecast.

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