The price of crude oil decreases by approximately 2% as the rally on the risk of war in the Middle East comes to a temporary halt.

• The oil rally has halted because Iran has not yet responded with retaliation.
• Since Iran launched 180 ballistic missiles at Israel last week, oil prices have increased by approximately 13% up to Monday's close.

On Tuesday, crude oil futures dropped approximately 2% as the geopolitical risk rally paused, and the market anticipates Israel's response to Iran's actions.

According to Tamas Varga, an analyst at oil broker PVM, oil can only continue to rise based on perceptions and not actual supply disruption, as stated in a Tuesday note.

Since Iran launched 180 ballistic missiles at Israel last week, oil prices have increased by approximately 13% through Monday's close, due to concerns about a potential Israeli retaliation against Iran's oil industry.

Here are Tuesday's energy prices at around 7:39 a.m. ET:

• The November contract price for crude oil is $73.90 per barrel, a decrease of $1.62 or 2.1%. To date, the US has seen a 5% increase in crude oil.
• The December contract price of $79.31 per barrel is a decrease of $1.62, or 2%, compared to the previous month. Despite this, the global benchmark has increased more than 2% year to date.
• The price of gasoline in November was $2.1149 per gallon, which represents a 1.81% decrease compared to the previous month. However, year to date, gasoline prices have increased by more than 2%.
• The November contract price for natural gas is $2.772 per thousand cubic feet, representing a 0.95% increase. To date, gas prices have risen approximately 9% compared to the year's beginning.