The Globe and Mail reports in its Wednesday edition that oil prices jumped 2.6 per cent on Tuesday as global concerns grew that military conflict in the Middle East could escalate and threaten production facilities in Iran and other major oil producers in the region. The Globe's Jeffrey Jones and Niall McGee write that Iran, the world's ninth-largest oil producer, fired hundreds of missiles at Israeli cities in retaliation for Israel's deadly bombings in Gaza and Lebanon. Israel's military operations have included killing senior leaders of Hamas and Hezbollah and now involve ground attacks in southern Lebanon. U.S. President Joe Biden has pledged more help for Israel's defence. West Texas Intermediate finished the session at $69.83 (U.S.) a barrel, up $1.66 (U.S.). Earlier in the day, prices were up as much as 5.5 per cent. There were no immediate reports of oil production or export facilities under attack, or flows being disrupted, but Daniel Ghali, director of commodities strategy with TD Securities, said the expanding hostilities throughout the region could add a new risk premium to the market. Late on Tuesday, Israeli Prime Minister Benjamin Netanyahu increased those odds, vowing to retaliate against Iran.