Crude oil futures rose more than 2% Tuesday, after President Donald Trump called for the evacuation of Tehran as Israel and Iran traded strikes for a fifth day.The U.S. crude oil contract for July delivery increased $1.

Oil prices stabilised on Wednesday after a surge fueled by fears of escalating US-Iran conflict, triggered by President Trump's aggressive statements and potential Israeli strikes. Concerns about disrupted crude supplies through the Strait of Hormuz heightened market volatility.

Crude oil prices continue to face upward pressure as the conflict between Israel and Iran continues, raising concerns about oil supply disruptions from the Middle East.

Stocks lost ground in early trading Tuesday, while oil prices moved higher, as investors monitored developments in the escalating conflict between Israel and Iran and digested disappointing economic data.

In 2018, the president called for the group to embrace Russia and stormed out of the summit. Now he is seeking to shrink America’s military role abroad and embarking on a more expansive trade war.

Crude oil futures spiked Tuesday after a series of posts from President Trump fueled speculation that the U.S. is on the verge of joining Israel's attack on Iran, which in turn raised questions about the accessibility of oil supplies if the severity of the conflict increases.