Israeli energy company Bazan said its Haifa oil refinery suffered pipeline and transmission line damage during Iran’s overnight missile barrage. Refining core facilities continue to operate at the site,

Here are a five worst case scenarios for global oil markets, split between what Israel and Iran may do next in an unpredictable and rapidly escalating conflict.

Iran’s state TV just announced that the country has started the second wave of its True Promise Operation Three on Israel tonight. The state TV said that this time the attack is a combination of drones and "more than 100" missiles, with Haifa and Tel Aviv being the main target tonight.

A sustained surge in oil prices is likely to complicate the U.S. fight against inflation. A $10-a-barrel increase would boost year-over-year growth in the Consumer Price Index by 0.5 percentage points,

Russia has claimed Ukraine's eastern Donbas region as its own and controls most of its two regions, Donetsk and Luhansk.

Ukrainian President Volodymyr Zelenskyy says rising global oil prices following Israeli strikes on Iran will strengthen Russia by increasing its oil revenues, aiding its war effort in Ukraine.

A sustained rise in the price of crude oil, which jumped sharply after Israel attacked Iran, could hurt consumers and President Trump’s efforts to bring down energy costs.

Although the U.S. is a net oil exporter, higher oil prices could increase inflation and lower economic growth.