Despite rising Iran-Israel tensions, crude oil prices hold steady – here's why

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Also Read: Iran's crude oil output up 20% in 2 years at 3.3% of global supply: What does this mean for the Iran-Israel proxy war? The region comprises five of the top ten oil-producing countries. Saudi Arabia holds the top position as the largest producer in the region and ranks as the world's second-largest oil producer, contributing over 12% of the global crude output. Iran is another major producer in the region with a global share of 3.3% and home to vast oil resources.

The country has recently launched an attack on Israel. On April 13, Iran unleashed a barrage of drones and missiles on Israel in retaliation for a suspected Israeli strike that resulted in the deaths of top Iranian officials in Syria. Also Read: Iran-Israel war LIVE updates: Israeli military says it will retaliate against Tehran This marked the first direct assault on Israel from Iranian territory.

Various Iran-backed factions, including Hamas, Hezbollah, the Houthi movement in Yemen, and the Syrian regime led by Bashar al-Assad, have been involved in military confrontations with Israel. Tensions between Israel and Iran have been escalating since Israel's military offensive in the Gaza Strip. Meanwhile, Israel has vowed to retaliate for the weekend’s drone and missile attacks but has yet to provide any details about how or when.

Some of the potential options range from a strike at Iran’s nuclear facilities — one of the riskiest and most aggressive possibilities — through to cyberattacks on military infrastructure or actions against Iranian proxies, as per recent media reports. Also Read: US to impose new sanctions on Iran; Israel decides to retaliate | 10-point Meanwhile, the White House has decided to impose sanctions on Iran. The US National