The recent escalation of tensions between Iran and Israel has sent shockwaves through the global oil market, triggering a significant increase in fuel prices worldwide. Following the Israeli attack on Iran, instability and uncertainty have gripped the oil industry, leading to a surge in oil prices.

On Friday, oil prices soared by as much as 3 percent per barrel, marking a notable uptick in response to the heightened geopolitical tensions. The price of Brent crude oil, a key benchmark for global oil trading, surged by $2.63 per barrel, reaching a staggering $89.74 per barrel.

Similarly, the price of US West Texas Intermediate (WTI) experienced a substantial increase, rising by $2.56 per barrel or 3.1 percent. With this surge, each barrel of US WTI is now being traded at $84.66, reflecting the growing concerns surrounding the Iran-Israel conflict and its potential impact on oil production and supply.

The repercussions of the escalating tensions were not limited to the oil market, as the world's major capital markets also felt the impact. Stock markets in Japan, South Korea, and Hong Kong witnessed declines, signaling investor unease and uncertainty in the face of geopolitical turmoil.

As the situation continues to unfold, market analysts and industry experts remain vigilant, closely monitoring developments in the region and their potential implications for global oil markets and broader economic stability.