Investors will be watching closely for any updates on US involvement in the Iran-Israel conflict. The release of the Fed's preferred inflation gauge, core PCE, will also be in focus.

To get a better sense of what’s driving the oil market and what economic risks might lie ahead, MM caught up with Rory Johnston, an oil market analyst at research service Commodity Context who’s been following all of this closely.

With Israel defending itself on at least two fronts, the country's finances and economy are strained. Since the militant islamist group Hamas attacked the Jewish state on October 7, 2023, Israel has been engaged in intense fighting in Gaza.