"Israel's Strike on Iran Sparks Short-Lived Oil Price Boost and Market Turmoil"

Oil prices initially surged after an attack near Isfahan, Iran, but later retreated as officials downplayed the escalation. Israel reportedly conducted a strike inside Iran, raising concerns of deeper conflict in the oil-rich region. The fear of wider war disrupting oil supply through the Strait of Hormuz has driven oil prices up 15% this year. The market impact weakened as reports suggested the attack was limited in scope, and European stock markets were trading slightly lower. S&P Global Ratings cut Israel's sovereign credit rating due to increased geopolitical risk from its conflicts with Hamas and Iran.