Oil prices fell nearly 2% on Wednesday after gaining earlier in the session as investors weighed the chance of supply disruptions from the Iran-Israel conflict and potential direct U.S. involvement. Brent crude futures fell $1.

The initial round of Israeli attacks sent oil prices 7 percent higher on Friday. Still, at about $74 a barrel, Brent crude remains below the $80 average for 2024, the Deutsche Bank analysts wrote. The market continued to waver, though, and by Monday, oil prices had fallen about 3 percent.

Shipowner Frontline said the incident near the Strait of Hormuz was due to navigational issues and not related to the current Israel-Iran conflict.