Government bonds globally were hit hard by surging oil prices as the Iran conflict extends into the weekend

Oil fell for the first time in six days as the U.S. government mooted interventions in the futures market and waived Indian purchases of Russian crude.

Market pros are eyeing a handful of thresholds for oil prices that could signal if the US-Iran war more seriously impacts the US economy.

The national average price of gasoline in the United States has surged to $3.262 per gallon, the highest level recorded during President Donald Trump's terms in office, due to the Iran war's impact on crude oil supplies and the shift to more expensive summer-grade gasoline.

The U.S.-Israeli attack raises the risk of major oil supply disruption. Iran is the fourth-largest OPEC producer and sits on the critical Strait of Hormuz.

Oil prices rose sharply when market trading began late Sunday over concerns that the supply from Iran and elsewhere in the Middle East would slow or grind to a halt.

Live Updates Oil just hit $79.18 17 hours ago U.S. crude oil just spiked to $79.18, which won’t be good for pump prices. All after Iran claimed to have attacked a tanker, as reported by the Tasnim News Agency.

Treasury Department could announce measures as soon as Thursday to address rising energy prices, potentially including action in the oil futures market, a senior ‌White House official said. Global oil prices have jumped since the war with Iran started on ‌Saturday,

Oil futures rose on Monday following joint U.S. and Israeli military strikes on Iran over the weekend, as the escalating conflict expanded across the Middle East and raised fears of disruptions to global energy supplies.

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