Israel appears ready to attack Iran, according to U.S. and European officials, and Israel's leadership has been pressing Trump to allow strikes.

Israel appears ready to attack Iran, according to U.S. and European officials, and Israel's leadership has been pressing Trump to allow strikes.

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

Shortly after the strikes began, the Israel's Defense Minister Israel Katz declared a state of emergency.

The cost of crude oil affects everything from the price of food at the supermarket to how much it costs to fill up your car.

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.

Oil prices jumped overnight, but Wall Street is awaiting any retaliation from Iran.

Conflict in the Middle East often leads to higher wholesale energy prices, which can feed through to inflation.

The oil price spike is due to fear rather than a real disruption of crude supplies, energy analysts say.

The initial moves in oil markets already puts this week's developments on par with the average event since the 1980s, according to a TD Securities strategist.