Oil Prices Jump After Israeli Strike on Iran, Raising Global Supply Fears

Global oil prices have surged after Israel carried out a military strike on Iran, escalating tensions in the Middle East. Brent crude rose by over 10% initially, before settling about 5% higher during European trading. U.S. oil also saw similar increases.

The sharp rise comes amid fears that the conflict could disrupt oil supplies from the region especially through the Strait of Hormuz, a key route for global energy transport.

Although prices remain lower than last year’s levels, the spike still impacts global markets. Asian and European stock indexes fell, while investors turned to safer assets like gold, which hit a two-month high.

Analysts warn that if Iran’s oil facilities are hit or if shipping is blocked, prices could climb to $100 a barrel. However, increased production from other countries may help limit long-term effects.

UK fuel prices are unlikely to rise immediately, but experts say much depends on whether wholesale prices remain high and how retailers react.

For now, the world watches closely as the situation continues to unfold, with fears of wider regional conflict looming.