Oil prices continue to rise on Wednesday, adding to gains driven by potential supply disruptions in the Middle East and fresh warnings out of the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+.

What To Know: Prince Abdulaziz bin Salman, the oil minister of Saudi Arabia, has warned that prices could fall to $50 per barrel if global oil producers don't comply with production curbs, according to a report from the Wall Street Journal.

The report indicates the Saudi oil minister's comments are being viewed as a threat that Saudi Arabia is willing to start a pricing war to help maintain its market share.

Oil prices had been in decline before jumping this week amid rising Middle East tensions. Iran launched an attack on Israel Tuesday following the recent killing of Hezbollah leader Hassan Nasrallah, reportedly firing between 100 and 200 missiles toward Israel.

Brent Crude futures, the international benchmark, climbed as much as 5% on Tuesday before pulling back and finishing the day up about 2.4%. Brent Crude futures were up 2.75%, trading around $75.50 at the time of writing Wednesday, while front-month WTI Crude futures were up 3.06%, hovering around $72.

Saudi Arabia reportedly needs prices to be at least $85 per barrel in order to help fund its planned economic transformation.

The rising tensions in the Middle East are also likely to push up prices of U.S. gasoline. According to an ABC News report, drivers could see prices at the pump rise between 10 cents and 15 cents per gallon.

The United States Oil Fund (NYSE:USO) was up 2.7% at $74.06 and the IShares U.S. Oil & Gas Exploration & Production ETF (BATS:IEO) was up 2.24% at $93.50 at last check. The SPDR Energy Select Sector Fund (NYSE:XLE) was up 1.25% at $90.93 at the time of writing.

Here's a look at some of the energy stocks making moves Wednesday morning:

• Exxon Mobil Corp (NYSE:XOM) up 1.77% at $122.02.

• Chevron Corp (NYSE:CVX) up 1.44% at $151.82.

• ConocoPhillips (NYSE:COP) up 1.62% at $111.23.

• Schlumberger N.V. (NYSE:SLB) up 1.52% at $43.79.

• Hess Corp (NYSE:HES) up 1.75% at $141.39.

• BP P.L.C. (NYSE:BP) up 1.54% at $32.59.

• Shell PLC (NYSE:SHEL) up 2.11% at $68.18.

Analysts React: OPEC is set to hold an online Joint Ministerial Monitoring Committee meeting on Wednesday that the market will be watching closely, Roth MKM analysts said in a note. OPEC members are expected to discuss whether to ease production curbs in December.

The Roth MKM analysts also highlighted oil inventory data that is positive for oil prices and noted that oil is likely to continue trading higher on Wednesday.

Analysts at Truist Securities and Jefferies highlighted other opportunities given the elevated global threat environment. Jefferies highlighted opportunity in the tanker market as the Middle East conflict raises risk premiums on the energy market, and Truist analysts said they expect the intensifying conflict to ultimately translate into bookings and backlog growth for the U.S. defense industry overall.

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