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

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,

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,

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.

Sir Keir Starmer has warned that this week’s explosive developments in the Middle East will deal a blow to the cost of living for ordinary Britons. Speaking ahead of his arrival in Canada for the G7, the Prime Minister voters will be seeing “the impact already on the economy and on oil prices.”

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