If the price of crude oil does not return to around $65 per barrel, it will subtract tenths from the GDP and delay the moderation of price increases. Just a few days after the Bank of Spain and BBVA's research department in Spain presented their macroeconomic projections - which lowered their growth forecast for the country to 2.

Oil prices jumped and stocks mostly fell Tuesday after US President Donald Trump abruptly departed G7 talks to monitor the conflict between Israel and Iran and called for Tehran residents

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

Despite not relying on Iran for its oil supplies, petrol and other prices in Australia will rise due to the global impact of the Israel–Iranian war.

U.S. oil prices already jumped last week, which could cause prices at the pump to rise about 20 cents a gallon in the coming weeks, according to one estimate.

US and Brent crude prices jumped on fears of supply disruption from the Middle East as Iran has repeatedly threatened to close a key shipping route.

That sent the yield on the 10-year Treasury up to 4.41% from 4.36% late Thursday. Higher yields can tug down on prices for stocks and other investments, while making it more expensive for U.S. companies and households to borrow money.

An exchange of strikes on refineries and gas facilities was limited but raised the risks to an industry with broad economic impacts.