U.S. oil prices already jumped last week, which could cause prices at the pump to rise about 20 cents a gallon in the coming weeks, according to one estimate.

Futures on Wall Street are currently in cautious mode as they await further details on the ongoing hostilities between Israel and Iran, which have now entered the fourth day. Futures of all three indices are currently trading at the flat line,

Iran-Israel conflict disrupts global trade, impacting India's exports. Increased freight rates and uncertainties threaten Red Sea and Strait of Hormuz routes.

Israel's strike on Iran sparked turmoil in financial markets ... Oil spikes The price of crude oil surged as market participants braced for potential supply disruptions in the Middle East.

The Israeli shekel suffered widespread selling on Friday along with some government bonds and equity markets across the Middle East after Israel launched missile strikes against Iran.

Welcome to The Hill’s Business & Economy newsletter{beacon} Business & Economy Business & Economy   The Big Story Stocks sink as Israel, Iran fire at each other

U.S. stock futures experienced significant declines following Israel’s airstrike on Iran, with S&P 500 futures dropping approximately 1.6%.

Oil prices surged, stocks dropped and investors flocked to safe havens like gold on Friday after tensions between Israel and Iran escalated, stoking concerns of a broader conflict in the region.

Israel’s sudden attack on Iran has threatened to disrupt oil supplies in the Middle East, placing the Opec+ cartel’s recent decision to increase crude production into the spotlight. The Saudi Arabia-led producer group has surprised the oil market this year by fast-tracking the return of idled production even as crude prices fell.