KATHMANDU: Following Israel’s missile strike on Iran, the global market has witnessed a three percent surge in crude oil prices, sparking concerns of a potential oil crisis.

The escalation of conflict between these oil giants has sent shockwaves through the market, with crude oil prices reaching nearly $90 per barrel, as reported by the BBC.

In addition to the surge in oil prices, the price of gold has also skyrocketed to $2,400 per ounce, marking a new record in the global market.

Israel’s attack on Iran has heightened tensions, prompting fears of further retaliation and instability in the region.

The strike comes amidst Israel’s warning of a robust response to any Iranian aggression.

As the situation unfolds, the global market remains on edge, closely monitoring developments and their potential impact on fuel and commodity prices worldwide.