Oil prices jump and Gulf markets fall after US-Israel strikes on Iran

Oil prices surged by about 10% after the United States and Israel carried out strikes on Iran. The conflict has raised immediate concerns about potential disruptions to the flow of oil through the Strait of Hormuz, a critical global shipping lane.

Financial markets in the Gulf region reacted sharply, with stocks falling and Kuwait suspending trading. Analysts warn that the price of crude oil could spike to $100 per barrel if the situation escalates further.