WTI futures traded around $73.94 per barrel, as of 9 a.m. ET. That’s an increase of 3.37% in the last 24 hours.

Any extended rise in energy prices raises the possibility of higher petrol prices and increased gas and electricity bills, pushing up the rate of inflation. So far this year, weaker demand from China and ample supply from Saudi Arabia have acted to hold down oil prices.

Crude prices jumped on worries about worsening tensions in the Middle East, while U.S. stocks pulled back further from their records

As the conflict across the Middle East widens, rising oil prices are being closely watched. The cost of oil affects everything from the price of food at the supermarket to how much it costs to fill up your car.

A widening conflict in the Middle East and a surge in oil prices have triggered a rush into bullish bets tied to the commodity. Much of this activity has played out in the derivatives market, where traders have piled into trades that would profit if the rally reached new heights.