"Market Volatility Looms as Iran's Attack on Israel Sparks Fear of 'Super Spike' in Oil Prices"

Oil prices could surge well above $100 per barrel if conflict escalates following Iran's attack on Israel, with market watchers citing Iran's significant oil resources and potential disruption of global supply. The recent aerial attack has reignited fears of a regional war, prompting concerns about the vulnerability of global crude supplies due to years of underinvestment in oil exploration and development. The attack was in retaliation to an Israeli strike on Iran's consulate in Syria, and the ongoing conflict in Gaza has been referred to as a proxy war between Israel and Iran. The U.S. condemned the attack and affirmed its commitment to Israel's security, but indicated it would not participate in offensive operations against Iran. If hostilities escalate, the U.S. and its allies may face renewed pressure to strengthen sanctions against Iran.