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

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,

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.

The stock market opens a shortened trading week under the shadow of escalating Middle East tensions following Israel's attack on Iran's nuclear, missile and military complex early Friday. Oil prices soared and stocks sank Friday after Israel launched strikes on nuclear and military sites in Iran,

Geopolitics and the surge in the oil price are dominating markets on Friday. Brent and WTI crude oil are higher by 7% and 6% respectively, after Israel launched airstrikes on Iran. Brent is now trading at $74 per barrel,

Crude oil pricesshowed a profit booking after a massive rally of more than $10 due to the escalation of Middle East tension. It hit an intraday high of $77.57 and currently trading around $72.91. Operation Rising