Industry experts warn Israel-Iran conflict could push oil to $120 per barrel if shipments through the Strait of Hormuz are disrupted during the tensions.

Tensions between Iran and Israel have driven crude oil prices up, with WTI and Brent crude reaching their highest levels since January. Concerns over potential U.S. military action and disruptions to Iran's oil exports contribute to market anxiety.

Oil prices ticked up in early trading on Wednesday after ending the previous session up more than 4% on worries that the Iran-Israel conflict could disrupt supplies.