Although the U.S. is a net oil exporter, higher oil prices could increase inflation and lower economic growth.

The recent Israel-Iran conflict led to a dramatic shift in the markets as the price of the benchmark Brent crude oil rose more than 10%, hitting its highest point since January. On June 13, it closed at $75.

Oil prices and the FTSE 100 index today held steady in a session when China’s latest retail sales figures offered some support to jittery global markets. Brent Crude continued to trade near to $74 a barrel,

Rather, it is geopolitical factors—specifically, escalating tensions in the Middle East—that are unsettling markets and pushing prices higher.

U.S. oil prices already jumped last week, which could cause prices at the pump to rise about 20 cents a gallon in the coming weeks, according to one estimate.

New West Asia conflict may impact India. Limited direct trade impact is expected. Higher oil prices are a major concern for the Indian economy. Disrup

Despite not relying on Iran for its oil supplies, petrol and other prices in Australia will rise due to the global impact of the Israel–Iranian war.

The escalating conflict between Israel and Iran might not have an immediate effect on fuel prices... but that may not be the case in the coming weeks.

That’s the end of the cheapest petrol prices in the UK for four years” – Tony Redondo, Cosmos Currency Exchange