Oil prices swing wildly as US-Israel war with Iran disrupts global markets

Oil prices have experienced extreme volatility, surging past $100 and even $115 a barrel as a US-Israeli war with Iran escalates and disrupts supplies from the Middle East. The sharp price increases have triggered a sell-off in global stock markets, with futures in the US and stocks in Japan and South Korea plunging.

Prices later plunged by about 10% after President Donald Trump signaled the conflict would end 'very soon,' illustrating how market sentiment is tightly tied to geopolitical developments. The price swings are also affecting related markets, with Chicago soy oil jumping as higher crude prices boost demand for biofuels.