Oil prices ticked up in early trading on Wednesday after ending the previous session up more than 4% on worries that the Iran-Israel conflict could disrupt supplies.

New Jersey gas prices inched up over the past week as hostilities between Israel and Iran rattle global oil markets and push up petroleum costs.

The missile exchanges dominate global market focus as it intensified fears of energy supply disruptions. West Texas Intermediate (WTI) crude futures climbed as high as $74.78 per barrel Sunday evening, but eased back to below $72.54 per barrel this morning, though that remains 11% above where it traded last Monday.

Stock futures rebounded slightly early Monday as the spike in oil prices due to the escalating conflict between Israel and Iran eased for a moment. Stock gains were muted as investors remained concerned about the rising geopolitical risk to the global economy.