Crude oil prices climbed over 2% during the day after US President Donald Trump urged “everyone” to evacuate Tehran, increasing the prospect of deepening unrest in the region.

The latest conflict between Israel and Iran may be more serious though. Israel is going after Iran’s nuclear program after the International Atomic Energy Agency warned that Iran would soon have nuclear weapons capability. Iran has retaliated launching numerous drones and missiles at Israel.

Oil prices rallied Tuesday after Donald Trump urged Tehran residents to evacuate, stoking fresh fears of all-out war as Israel and Iran continued to pound each other with missiles.

Ukrainian President Volodymyr Zelenskyy says rising global oil prices following Israeli strikes on Iran will strengthen Russia by increasing its oil revenues, aiding its war effort in Ukraine.

The Israeli military claims its campaign has eliminated high-value targets, including nine senior scientists, and severely damaged Iran’s nuclear infrastructure. Iranian authorities confirmed damage to four critical buildings at the Isfahan uranium conversion facility,

The ongoing Israel Iran war has unleashed not only a massive aerial assault with missiles and drones causing heavy destruction in both the countries but could potentially impact global economy including India with whom the two have trade relations.

The past two years of escalating tensions in the Middle East have taught oil traders to be sanguine about the risk of disruption to oil supplies.

Israel's "preemptive" strikes against Iran targeting the country's nuclear program and killing top military officials could have far-reaching implications for Ukraine and could boost Russia's ability to continue its full-scale invasion,