Oil prices rise sharply as Iran-Israel tensions fuel fears of supply disruptions in the Middle East. Brent crude jumped to $74.46 a barrel, while WTI reached $72.85. An Israeli strike led Iran to partly shut down production at its key South Pars gas field, sparking market volatility. Two tankers also collided near the Strait of Hormuz, increasing shipping risk. Despite no major disruption to global flows, the market remains on edge. The IEA also lowered its global oil demand forecast, while increasing supply expectations. Investors now eye central bank moves and geopolitical updates closely as global oil prices stay in focus.