Strong rise in the price of crude oil(crude oil)   

Crude oil: There was a strong rise in the price of crude oil. The price of a barrel of benchmark US crude oil    (crude oil)     rose 7.1% to $72.88. International standard Brent crude rose 7.2% to $74.32 per barrel. The concern is that Israel’s attack on Iran’s nuclear and military bases could further worsen the flow of crude oil around the world along with the global economy.

… then the price may remain high

According to the news, Iran is one of the world’s leading oil producers, although sanctions by Western countries have limited its sales. If a full-blown war breaks out, it could slow the flow of Iran’s oil to its customers and keep the price of crude and gasoline high for everyone around the world, according to Richard Joswiak, head of near-term oil at S&P Global Commodity Insights. But previous attacks between Iran and Israel have seen oil prices initially jump but then fall when it became clear the situation wasn’t escalating and there was no impact on oil supply.

Oil price falls to levels seen earlier this year

For now, the price of oil has rebounded, but has only just returned to levels it was at earlier this year. “This is an economic shock that no one really needs, but it seems more like a shock to sentiment than to the fundamentals of the economy,” said Brian Jacobson, chief economist at Annex Wealth Management. Meanwhile, U.S. stocks are falling, giving back some of the recent big gains that had put them on the verge of their record highs.

Companies that use a lot of fuel for their business and need their customers to feel confident enough to travel have suffered more. United Airlines lost 5.2%, Delta Air Lines lost 4.5% and Norwegian Cruise Line Holdings lost 2.9%. Adobe fell 5.7%. Gold prices rose as investors searched for safe havens for their cash. An ounce of gold rose 1.8% to $3,463.70.