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.

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

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.

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

The 10-year Treasury yield jumped 6.9 basis points on Friday to $4.426, reversing a dip in the immediate aftermath of the attacks.