Oil prices have surged since the joint US-Israeli attack on Iran. Before the attack on February 28, a barrel of oil cost around $70.
As a result of the war, Iran has essentially closed the Strait of Hormuz, a vital route for oil shipments, and has attacked several civilian ships transiting it.
All parties have also attacked energy infrastructure across the region. There is great concern in the market that attacks of this kind will escalate further, and these fears were significantly heightened when Donald Trump gave Iran an ultimatum late Sunday, local time in Sweden: "Open the Strait of Hormuz; otherwise, extensive attacks on energy infrastructure will follow."
