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.

U.S. President Donald Trump expressed frustration on Thursday that oil prices have risen amid supply concerns from potential conflict in the Middle East.

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

Crude oil prices surged by more than 8% on Friday to hit 4-month highs after Israel’s attacks on Iran’s nuclear sites sparked supply concerns. Friday’s spike in crude oil prices is the largest single-day rise since Russia attacked Ukraine in 2022.

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.

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