The military strikes jolted investors, raising concerns that a broader Mideast conflict would disrupt the world’s energy supplies.

The military strikes jolted investors, raising concerns that a broader Mideast conflict would disrupt the world’s energy supplies.

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.

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Brent crude up more than 10% amid escalation of conflict in Middle East, while stock markets fall

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

Israel’s strike on Iran, and Tehran’s subsequent retaliation fuel fears of Strait of Hormuz trade disruptions.

U.S. oil prices climbed 1.1% to $73.79 per barrel, and Brent crude rose 1% to $74.94.