WTI futures traded around $73.94 per barrel, as of 9 a.m. ET. That’s an increase of 3.37% in the last 24 hours.

As the conflict across the Middle East widens, rising oil prices are being closely watched. The cost of oil affects everything from the price of food at the supermarket to how much it costs to fill up your car. The price of crude oil has risen almost 10% this week to around $78 a barrel as the conflict has intensified.

Growing concerns of a retaliation by Israel affecting Iran's oil production pushed crude oil futures more than 5% higher Thursday, powering gains for oil-related stocks.