Following recent military actions between Israel and Iran, global oil markets have experienced significant volatility. Initial reports indicated that oil prices were expected to rise sharply in response to Iran's attack on Israel. However, the market's reaction was more muted than anticipated, with crude oil prices initially sliding. As tensions escalated with subsequent Israeli strikes on Iran, oil prices surged, with increases noted up to 4% and specific spikes of 3.48% bringing WTIC prices to $84.96. Analysts have warned that continued conflict in the Middle East could lead to further dramatic increases in energy prices.