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Oil prices see sustained surge
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Israeli energy company Bazan said its Haifa oil refinery suffered pipeline and transmission line damage during Iran’s overnight missile barrage. Refining core facilities continue to operate at the site,
The country’s exports mostly come from Kharg Island in the Persian Gulf. But Israel’s energy facilities are also at risk.
Russia has claimed Ukraine's eastern Donbas region as its own and controls most of its two regions, Donetsk and Luhansk.
A sustained surge in oil prices is likely to complicate the U.S. fight against inflation. A $10-a-barrel increase would boost year-over-year growth in the Consumer Price Index by 0.5 percentage points,
A sustained rise in the price of crude oil, which jumped sharply after Israel attacked Iran, could hurt consumers and President Trump’s efforts to bring down energy costs.
Rather, it is geopolitical factors—specifically, escalating tensions in the Middle East—that are unsettling markets and pushing prices higher.
Ukrainian President Volodymyr Zelenskyy says rising global oil prices following Israeli strikes on Iran will strengthen Russia by increasing its oil revenues, aiding its war effort in Ukraine.
Israeli Defense Minister Israeli Katz confirmed his earlier warning on Saturday that the state of Tehran “will burn” if Supreme Leader Ali Khamenei continued his counterattacks. In a short post on X,
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