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.

Oil prices surged, stocks dropped and investors flocked to safe havens like gold on Friday after tensions between Israel and Iran escalated, stoking concerns of a broader conflict in the region.

Oil prices leaped, and stocks slumped 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.

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.

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.

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