Throughout the day on Friday, Israel carried out wave upon wave of strikes on nuclear facilities and missile bases in Iran. The Natanz uranium enrichment site and the nuclear facility in Isfahan have been hit and top military leaders have been assassinated - as have nuclear scientists.

Ukrainian President Volodymyr Zelenskyy says rising global oil prices following Israeli strikes on Iran will strengthen Russia by increasing its oil revenues, aiding its war effort in Ukraine.

Although the U.S. is a net oil exporter, higher oil prices could increase inflation and lower economic growth.

Market reaction to Israel's attacks on Iranian nuclear sites sends oil and gold prices jumping while the Dow, S&P 500 and Nasdaq sink as investors abandon riskier assets.

Oil prices leaped, and stocks slumped on worries that escalating violence following Israel’s attack on Iranian nuclear and military targets could damage the flow of crude around the world, along with the global economy.

A sustained surge in oil prices is likely to complicate the U.S. fight against inflation. A $10-a-barrel increase would boost year-over-year growth in the consumer-price index by 0.5 percentage points,

The sweeping attacks by Israel, which began early Friday, have killed more than 70 people, including four of Iran’s top security chiefs, and damaged Iran’s main nuclear site at Natanz. Iran retaliated by launching scores of missiles at Israel. At least three people have been killed and dozens more wounded during these attacks.

Rather, it is geopolitical factors—specifically, escalating tensions in the Middle East—that are unsettling markets and pushing prices higher.