Oil prices rose after Israel and Iran continued their attacks on each other over the weekend. The market is preparing for an escalation that could disrupt supplies from the region, which accounts for about a third of global crude oil production,

The Israeli military claims its campaign has eliminated high-value targets, including nine senior scientists, and severely damaged Iran’s nuclear infrastructure. Iranian authorities confirmed damage to four critical buildings at the Isfahan uranium conversion facility,

Flare-ups in the Middle East have a predictable impact on the price of oil - causing it to spike as investors grow fearful about supply constraints.

Israel and Iran continue to fire a volley of missiles and drones at one another, targeting energy infrastructure as well as residential areas. The conflict, which has killed over 220 people so far since Friday (June 13),

Iran remains in economic crisis due to international sanctions over its nuclear program, which have limited its oil exports. The Iranian rial remains weak and inflation is stubbornly high at around 40%. Any further disruption to oil exports would ripple globally.

Kenyans are staring at higher fuel prices in the coming months as the Murban Crude Oil prices rise above KSh 9,000 per barrel amid Israel-Iran hostilities.

How could the Israel-Iran attacks impact the global economy?

Nigeria would witness a surge in the price of petrol, diesel, jet fuel, gas and related products in the near term.

The U.S. economy’s reliance on overseas oil is very much less a factor today than 10 or 15 years ago, says Nomura economist David Seif.

Israel has warned of more attacks on Iran after Tehran fired waves of missiles and drones that killed three people and wounded dozens in Israel. Iran was retaliating for a series of blistering