• Oil prices surged over 7% after Israel launched airstrikes on Iran targeting military and nuclear sites.
• Global stock markets saw significant declines as investors reacted to the escalating conflict.
• The U.S. Secretary of State confirmed no U.S. involvement in the strikes and urged Iran to refrain from retaliation.
• Gas prices in the U.S. are expected to rise, with analysts predicting a jump of 10 to 25 cents per gallon.
• Concerns about disruptions to oil supplies through the Strait of Hormuz have intensified following the attacks.

Oil prices jumped significantly, with U.S. benchmark WTI crude rising over 7% to about $73 per barrel following Israeli airstrikes on Iran targeting its nuclear and military infrastructure. Analysts are closely monitoring the situation as Iran has vowed to respond to these strikes, raising concerns of further escalation in the region, which could impact oil supplies and global markets, according to ABC News and NPR.

The immediate reaction in the stock markets was negative, with the Dow Jones Industrial Average plummeting over 570 points, or about 1.3%. The broader S&P 500 index also dropped, reflecting investor anxiety regarding the geopolitical situation and its potential ramifications on the economy, as reported by CBS News and Channel News Asia.

In the wake of these attacks, analysts predict that gasoline prices in the U.S. could rise significantly, with expectations of a hike of 10 to 25 cents per gallon due to increased oil prices. The average price for gasoline currently stands at $3.13 nationwide, according to data from AAA, which could rise further if tensions continue, according to CBS News and The Hill.

As oil prices soared, major indices such as the S&P 500 and Nasdaq Composite reflected the risk-off sentiment, with traders moving towards safe assets like gold. Analysts noted that this spike in oil prices comes at a time when many are already worried about inflation, especially if there are disruptions to the Strait of Hormuz, through which a significant percentage of the world’s oil supply is shipped, as highlighted by India Times and Africa News.