Oil and gas prices jump after military strikes in the Middle East

Oil and gas prices spiked after military strikes between the U.S., Israel, and Iran. Iran threatened to set the region's oil and gas on fire if its energy infrastructure was attacked, and reports said Iran attacked commercial ships and oil facilities.

Countries and organizations reacted to the price increases. The White House prepared a plan to combat the spike, and the EU considered capping gas prices. China said it would take necessary measures to protect its energy security. In the Philippines, the energy regulator warned power rates could rise significantly.

The conflict disrupted energy and transport. Traders refocused on supply risks, and stock market fear gauges in Japan soared. The International Energy Agency (IEA) was mentioned in the context of the global energy market reaction.