Oil prices rallied over 7% today after Israeli airstrikes on Iran. This elevated geopolitical uncertainty and requires the oil market to price in a larger risk premium for supply disruption.

The Indian rupee is expected to slip past 86 to the U.S. dollar at the open on Friday, hit by surging oil prices and sliding risk assets after Israel attacked targets in Iran.

BRUSSELS/PARIS (Reuters) -Most countries in the Group of Seven nations are prepared to go it alone and lower the G7 price cap on Russian oil even if U.S. President Donald Trump decides to opt out, four sources familiar with the matter said.

The military strikes jolted investors, raising concerns that a broader Mideast conflict would disrupt the world’s energy supplies.

A surge in oil prices after Israel’s strikes on Iran sent the Indian rupee tumbling on Friday, prompting the central bank to step in and limit further losses, traders said.

WASHINGTON (Reuters) -U.S. President Donald Trump expressed frustration on Thursday that oil prices have risen amid supply concerns from potential conflict in the Middle East. Both global and U.S. oil prices surged more than 4% on Wednesday to their highest levels since early April before easing a bit on Thursday.