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Iran is home to vast oil resources, and any disruption to its capacity to supply global markets could push prices higher.

Iran launched more than 300 drones and missiles against military targets in Israel in an attack that President Joe Biden described as "unprecedented."

The bank has upgraded the energy sector to "attractive" as oil demand forecasts have improved on better-than-expected growth in the major economies.

Israel is preparing for a direct attack by Iran on southern or northern Israel as soon as Friday or Saturday, The Wall Street Journal reported.

The Federal Reserve is now expected to start reducing interest rates in September, much later than originally forecast.

Israel warned OPEC member Iran Wednesday it would attack the Islamic Republic if Tehran strikes Israel.

Israel Prime Minister Benjamin Netanyahu vowed late Monday to press on with an offensive against the southern city of Rafah.

A top Iranian military advisor warned Israel over the weekend that its embassies could be targeted.

U.S. crude oil rallied 4.5% last week, briefly touching $87 a barrel Friday.

Israel has closed 28 embassies around the world due amid fears of retaliatory strikes from Iran, according to multiple reports in Israeli media.