"Oil Traders Brace for $250 Price as Iran-Israel Conflict Escalates"

Oil prices fell over 3% as the market discounted the risk of a wider war between Israel and Iran, with the possibility of a Gaza ceasefire easing geopolitical concerns. The stronger dollar and weakening U.S. gasoline demand also contributed to the decline. Despite ongoing tensions, there has been no supply disruption, and analysts believe that Israel is unlikely to target Iran's oil facilities in response. Iranian President Ebrahim Raisi warned of a "massive and harsh" response to any Israeli counterattack, while U.K. Foreign Secretary David Cameron urged restraint.