Oil prices soared on Friday as tensions in the Middle East flared, with Israel attacking Iranian military and nuclear targets and Iran retaliating.

For one thing, early reports indicate the air strikes did not hit Iran’s petroleum facilities, which means the Islamic Republic should be able to keep producing crude oil at the same rate as before. Due to international sanctions, Iran relies heavily on China. It’s been estimated that China imported 89% of Iranian oil in February 2024.

Israel’s stunning attacks on Iran’s nuclear program and military leadership are embroiling the Middle East in another deadly war — and could imperil President Donald Trump’s pledge to slash oil prices for American consumers.

"This confrontation will not end with last night's limited actions and Iran's strikes will continue, and this action will be very painful and regrettable for the aggressors," Fars reported, citing senior military officials.