Asian shares varied as oil prices rose due to increasing Iran-Israel tensions. US crude added 20 cents to $73.18/barrel, while Brent grew 95 cents to $75.18/barrel. US stocks fell; the S&P 500 dropped 1.

Rather, it is geopolitical factors—specifically, escalating tensions in the Middle East—that are unsettling markets and pushing prices higher.

Baker Hughes CEO Lorenzo Simonelli confirms all Middle Eastern projects are operating normally despite escalating tensions between Israel and Iran, while also acknowledging potential impacts on oil supply.

Analysts said OPEC might not see any urgency to shift policy, as the surge in prices was driven by a rising risk premium rather than changing market fundamentals.

Rising Middle East tensions have driven oil prices higher, potentially boosting Texas Pacific Land's future earnings. Read why TPL stock is a hold for now.

Iran has been battling an acute energy crisis for months because of gas shortages, and repairing any damage would both be costly and take significant time.