The Globe and Mail reports in its Wednesday edition that oil prices surged 2.6 per cent on Tuesday due to growing concerns about potential military conflict in the Middle East. The Globe's Jeffrey Jones and Niall McGee write that Iran fired missiles at Israeli cities in retaliation for Israeli bombings in Gaza and Lebanon. U.S. President Joe Biden pledged support for Israel. Brent crude settled at $73.56 (U.S.) a barrel, its highest level since September. West Texas Intermediate finished at $69.83 (U.S.) a barrel. ARC Energy Research Institute director Jackie Forrest stated that the oil markets have largely ignored the impact of the ongoing Middle East conflict over the past year. This is because the conflict has not led to any supply disruptions. Still, the industry is taking precautions. On Tuesday, Chevron shut down two natural gas platforms off the Israeli coast. The platforms supply the Israeli market as well as those in Egypt and Jordan. The rise in oil prices prompted sizable gains in the shares of many Canadian oil producers. Among the sector's big names, Suncor Energy rose 4 per cent, Cenovus Energy gained 2.4 per cent, Canadian Natural Resources jumped 4.5 per cent and MEG Energy climbed 3.8 per cent.