The attacks by Israel and Iran against energy infrastructure highlights that the market faces a supply risk beyond disruption to the Strait of Hormuz.

If the disruptions from Tehran's attacks keep oil and gas prices high for long, they could create a debilitating wave of inflation for the global economy.

Brent crude, the international benchmark, rose to near $114 per barrel, up from under $73 per barrel on the eve of the war.

The attacks by Israel and Iran against energy infrastructure highlights that the market faces a supply risk beyond disruption to the Strait of Hormuz.