Traders on Friday exchanged the most $80 West Texas Intermediate (WTI) crude oil call options since January, expecting more upside to prices after Israeli airstrikes on Iran sparked fears of a wider Middle East conflict.

A sustained rise in the price of crude oil, which jumped sharply after Israel attacked Iran, could hurt consumers and President Trump’s efforts to bring down energy costs.

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,

If prices go up, Fed officials may be inclined to raise its benchmark rate, raising borrowing costs for businesses and consumers. That could lead to businesses to cut jobs, particularly in the high-growth tech sector, and force Americans to pull back on spending, which drives more than 70% of economic activity in the U.S.

Shock waves from the oil market also hit stock bourses across Asia. Read more at straitstimes.com. Read more at straitstimes.com.

Crude oil prices have surged in the global market amid Israeli airstrikes on Iran's nuclear sites, with Brent selling for $76.12, and WTI at $74.69 per barrel.

From the risk of surging crude prices to rising Middle East worries, Bathini lays out how global tensions could shape inflation, policy moves, and investor strategy in the weeks ahead

Energy shares gained ground in Asia after Israel's attack on Iran, in line with the rise in oil prices, while movements in other markets were relatively restrained as inves