Russian forces carried out an overnight strike on the Kremenchuk oil refinery that supplies fuel to Ukrainian forces in the Donbas region, Russia's defence ministry said on Sunday.

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,

Oil prices leaped, and stocks slumped on worries that escalating violence following Israel’s attack on Iranian nuclear and military targets could damage the flow of crude around the world, along with the global economy.

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

Iran’s state TV just announced that the country has started the second wave of its True Promise Operation Three on Israel tonight. The state TV said that this time the attack is a combination of drones and "more than 100" missiles, with Haifa and Tel Aviv being the main target tonight.

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.

The sweeping attacks by Israel, which began early Friday, have killed more than 70 people, including four of Iran’s top security chiefs, and damaged Iran’s main nuclear site at Natanz. Iran retaliated by launching scores of missiles at Israel. At least three people have been killed and dozens more wounded during these attacks.

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