Israel-Iran Conflict: Crude Oil Prices Surge

Oil prices have gone up after Israel attacked Iran. The price of oil had already started to rise when Israel announced plans to attack. But after Israel actually attacked Iran’s nuclear center this morning, many companies increased oil prices by more than 10 percent, according to BBC.

Traders are worried that the fight between Iran and Israel could stop the supply of Iranian oil to the world. If Iranian oil doesn’t reach the market, the price could go even higher.

When the price of crude oil goes up, it affects the prices of many things. The cost of food, transport, and fuel for vehicles could all rise.

Israel has been carrying out attacks on Iran since this morning. After the attack, flights in and out of Iran’s capital, Tehran, were temporarily stopped.