Global crude oil prices have surged sharply, rising over 15% since early June, as escalating conflict between Israel and Iran, now involving direct U.S.

Oil prices surged during late Sunday trading after the US launched strikes on three Iranian nuclear Saturday evening in a major escalation of the Iran-Israel conflict.

Oil prices surged nearly 7% last week due to escalating conflict between Israel and Iran, growing fears over the Strait of Hormuz, falling U.S. inventories, and supportive signals from the Federal Reserve.