According to CoinMeta, as concerns about the escalating situation in the Middle East overshadowed the intensive diplomatic efforts in the region, crude oil futures prices rose. Citibank research analyst Francesco Martoccia stated in a report that the political deadlock following the Israeli elections has increased uncertainty at a time when U.S.-Israel relations with Iran are particularly sensitive, and also raised the risk of another escalation of military conflict. He pointed out that if the situation escalates again, the geopolitical risk premium could rise further; however, if there is credible progress towards an agreement among the parties, the existing risk premium might partially decline.