He added that in extreme cases, Iran could hinder up to 20 million barrels of oil supply per day by attacking infrastructure or limiting access to the Strait of Hormuz.

Saul Kavonic, senior energy analyst at MST Marquee, said: "The conflict needs to escalate to the point where Iran retaliates against the region's oil infrastructure before oil supplies can be truly materially affected."

Israel launched an air strike on Tehran, the capital of Iran, in the early morning of Friday (June 13).

As of 10:15 am Singapore time on Friday, Brent crude oil prices rose 8.27% to $73.67 per barrel; the US West Texas Intermediate Base Crude (WTI) rose 8.35% to $73.7 per barrel.

Israeli air strikes on Iran triggered a new round of geopolitical tensions in the Middle East, and international crude oil prices rose by 8%.