Crude oil prices climbed over 2% on Tuesday following a call by former President Donald Trump for the evacuation of Tehran, as Israel and Iran exchanged strikes for a fifth consecutive day.

United States crude for July delivery had gained $1.58, or 2.2%, to reach $73.35 per barrel, while Brent crude for August rose $1.82, or 2.49%, to $75.05.

The rebound follows Monday’s decline, which came on reports that Iran was seeking a ceasefire with Israel.

“Simply stated, IRAN CAN NOT HAVE A NUCLEAR WEAPON,” the president said on his social media platform Truth Social. “I said it over and over again! Everyone should immediately evacuate Tehran!”

Oil futures have risen roughly 7% since Israel launched airstrikes on Iran’s nuclear and missile sites last Friday, but the overall impact on the market has been limited.

According to Amos Hochstein, former energy advisor to President Joe Biden, the market has remained steady due to strong global supply.

He noted that OPEC+ is ramping up production and U.S. output continues at record levels, helping to keep prices in check.

Oil traders were initially concerned that Israel might target Iran’s oil infrastructure to damage its economy. Although some domestic energy sites have been hit, Israel has so far avoided striking export facilities, calming fears of a broader impact on global oil supply.

“What the market is seeing is this confidence that Israel is able to continue this escalation with Iran and the war against Iran without the Iranians being able to do very much in response,” Hochstein told CNBC’s “Squawk Box” on Tuesday.

Iran ranks as the third-largest oil producer in OPEC, exporting approximately 1.6 million barrels per day, primarily to China, according to data from OPEC and the Energy Information Administration.

Hochstein warned that markets may be downplaying the threat of Israel striking Iran’s export facilities, which could significantly disrupt global supply.