U.S. crude oil rose nearly 3% again on Wednesday as investors feared Israel could target Iran’s oil infrastructure in retaliation for yesterday’s ballistic missile attack, according to CNBC.

Israel’s ambassador to the United Nations, Danny Danon, announced late Tuesday that Israel would issue a “painful” response against Iran. Danon’s threat came hours after the Islamic Republic fired about 180 ballistic missiles at Israel in retaliation for the killing of top Hamas and Hezbollah leaders.

November crude oil contracts rose 2.91% to $71.86 a barrel, while Brent for December delivery rose 2.58% to $75.5 a barrel.

Iran launched a strike on Israel on Tuesday in retaliation for the recent assassination of Hezbollah leader Hassan Nasrallah and an Iranian commander in Lebanon.

Iranian oil infrastructure could soon be targeted as Israel considers its response, analysts say.

“Middle East conflict may ultimately affect oil supply,” MST Marquee analyst Saul Kavonic told CNBC. “The potential for a major disruption in oil supplies is now visible.”

The latest developments could turn the tide after a prolonged period of “geopolitical risk fatigue” in which traders ignored threats to oil supplies stemming from the situation in the Middle East as well as Ukraine, the analyst added .

Up to 4% of the world’s oil supply is at risk as the conflict now extends to Iran. According to Kavonic, an attack or a tightening of sanctions could push prices back to $100 a barrel. Iran is OPEC’s third largest producer, producing nearly 4 million barrels of oil per day.

Yesterday, the price of oil rose more than 5% after the rockets hit Israel, with the increase eventually limited to 2%.