Oil prices climbed on Tuesday as the Iran-Israel conflict raged with no end in sight, though major oil and gas infrastructure and flows have so far been spared from substantial impact. Brent crude futures gained $2.

Two oil tankers were on fire after colliding in the Gulf of Oman, as maritime officials warned that navigational systems are being jammed in the Middle East as a result of the military operations by Iran and Israel.

As the confrontation between Iran and Israel deepens, could Russia could reap the benefits of rising oil prices - or have the chance to act as a mediator? And what consequences could this crisis have for Ukraine?