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

Analysts said OPEC might not see any urgency to shift policy, as the surge in prices was driven by a rising risk premium rather than changing market fundamentals.

Oil prices fell off multi-month highs hit earlier on Friday as Israeli air strikes avoided Iranian oil sites, but prices still up about 6% as investors worried that the tensions could disrupt Middle East oil supplies.

Wall Street’s myopia was on full display in the immediate aftermath of the Israeli airstrikes against Iran. Many of us were worried about the possibility of World War III as we saw the attacks almost in real time Thursday night.

The latest U.S.-Iran talks on Tehran's rapidly advancing nuclear program will not take place Sunday, mediator Oman said Saturday, as Iran launched another missile barrage a day after Israel's blistering attack on Iranian nuclear and military sites.

U.S. stock index futures dropped on Friday after Israel's military strike on Iran's nuclear facilities escalated tensions in the oil-rich Middle East and battered risk sentiment across global markets.

The latest U.S.-Iran talks on Tehran’s rapidly advancing nuclear program will not take place Sunday, mediator Oman said Saturday, as Israel and Iran traded blows a day after Israel’s blistering attack on Iranian nuclear and military sites.