Middle East Tensions Spike Global Oil Prices; Political Ramifications Loom

U.S. Energy Secretary Chris Wright announced on Friday that he is collaborating with the White House's National Security Council to oversee the ramifications of Middle East tensions on the global energy supply.

Following Israel's strikes on Iran and subsequent missile responses, global oil prices surged by 7%, reaching over $74 per barrel. This development raises economic challenges for President Trump, who promoted lower energy costs during his campaign.

Analysts suggest Trump's administration might consider tapping into strategic petroleum reserves or sourcing additional OPEC+ supplies. The ongoing situation could hinder efforts to impose tighter sanctions on Russia, a leading oil producer.

(With inputs from agencies.)