Oil and gas prices jump after military strikes on Iran

Oil and gasoline prices rose sharply following military strikes on Iran. The increase affected markets globally, with European diesel prices hitting a one-year high and U.S. gasoline crossing the $3 per gallon mark.

Analysts and companies expressed surprise at the scale of the market reaction. Shipping firms suddenly imposed large surcharges, and there is concern the conflict could slow oil trade and push inflation higher by disrupting Middle East supplies.

The situation is testing market stability, with questions about whether prices could rise above $100 per barrel. Prediction markets also showed unusual trading activity hours before the strikes became public.