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

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 surged, stocks fell and investors sought safety in the U.S. dollar and government bonds after Israel struck Iranian nuclear and military targets in an attack that raised the risk of all-out war between them.

Iran has in the past threatened to disrupt shipping through the Strait of Hormuz if it is attacked. The Strait is the exit route from the Middle East Gulf for around 20% of the world's oil supply, including Saudi, UAE, Kuwaiti, Iraqi and Iranian exports.

Oil prices are surging after Israel’s attacks against Iran, with Brent crude futures jumping as high as $78.50 a barrel—their highest level since January. Here's what events in the Middle East may mean for the market going forward: Say goodbye to sub-$60 a barrel prices this year,

Almost a third of the global seaborne oil trade moves through the Strait of Hormuz. Any interruption could send crude prices soaring. Plus, investment newsletter commentary on the job market, small-caps,

Oil prices leapt, and stocks fell 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.