Oil prices had jumped more than 4% on Wednesday as fears of a conflict that would disrupt crude supplies suddenly swept the market.

Oil prices had jumped more than 4% on Wednesday as fears of a conflict that would disrupt crude supplies suddenly swept the market.

Crude oil futures surged Thursday evening after Israel launched airstrikes against Iran.

The price of oil surged after Israel launched a wave of strikes in Iran, killing the head of its army and raising the risk of war in the Middle East.

JPMorgan fears crude oil could hit a high of $130 a barrel, causing U.S. inflation to return to 5% in a worst case scenario.