The sweeping attacks by Israel, which began early Friday, have killed more than 70 people, including four of Iran’s top security chiefs, and damaged Iran’s main nuclear site at Natanz. Iran retaliated by launching scores of missiles at Israel. At least three people have been killed and dozens more wounded during these attacks.

Although the U.S. is a net oil exporter, higher oil prices could increase inflation and lower economic growth.

Oil prices leapt, and stocks fell on worries that escalating violence following Israel’s attack on Iranian nuclear and military targets could damage the flow of crude around the world, along with the global economy.

Thirty percent of the world’s seaborne oil trade flows through the Strait of Hormuz. Iran and its proxies could block it.

A sustained surge in oil prices is likely to complicate the U.S. fight against inflation. A $10-a-barrel increase would boost year-over-year growth in the consumer-price index by 0.5 percentage points,

Rather, it is geopolitical factors—specifically, escalating tensions in the Middle East—that are unsettling markets and pushing prices higher.

A fire has broken out at a Marathon Oil refinery in Texas City, emergency officials say. The Texas City Office of Emergency Management (OEM) first posted about the fire at 12:25 p.m. The refinery is located on 5th Avenue South east of 25th Street South.