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.

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

A sustained rise in the price of crude oil, which jumped sharply after Israel attacked Iran, could hurt consumers and President Trump’s efforts to bring down energy costs.

Oil prices leapt, and stocks fell 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.

Israeli energy company Bazan said its Haifa oil refinery suffered pipeline and transmission line damage during Iran’s overnight missile barrage. Refining core facilities continue to operate at the site,

Russia has claimed Ukraine's eastern Donbas region as its own and controls most of its two regions, Donetsk and Luhansk.

Israeli Defense Minister Israeli Katz confirmed his earlier warning on Saturday that the state of Tehran “will burn” if Supreme Leader Ali Khamenei continued his counterattacks. In a short post on X,