Oil prices experienced a significant spike following Iran’s call for an oil embargo against Israel due to its air strikes on Gaza. Iranian Foreign Minister Hossein Amirabdollahian made this announcement at a summit of the Organisation of Islamic Cooperation in Saudi Arabia. He urged Islamic countries to impose an immediate and complete oil embargo on Israel, along with expelling Israeli ambassadors. The tension in the region has caused concerns among oil traders who fear that Israel’s conflict with Hamas could escalate and potentially involve Iran and its allies. Brent crude prices rose by as much as 3.5% in response to these developments. As of 7:15 am ET on Wednesday, the price per barrel was $92.30.