Global oil prices experienced a sharp increase following reports of Israel broadening its attacks on nuclear sites in Iran. This escalation has ignited serious concerns about a potential for a wider conflict in the Middle East, which could lead to severe disruptions in crude oil supplies.

In response to the heightened geopolitical tensions, Brent crude futures saw a rise of 1.15%, reaching $77.58 a barrel. Similarly, US West Texas Intermediate (WTI) crude for July delivery increased by 1.48% to $76.25 a barrel.

A major point of concern for the global energy market is the Strait of Hormuz, a critical chokepoint through which approximately 19 million barrels of oil and oil products pass each day. Any disruption to the trade flow in this region could have a significant impact on global oil availability and prices.

Adding to market considerations, the US Federal Reserve recently announced its decision to maintain steady interest rates, with signals pointing towards two potential rate cuts by the end of the year. Additionally, potential import tariffs planned by the Trump administration are being watched for their possible effects on consumer inflation and oil demand.