Oil prices soared on Friday as tensions in the Middle East flared, with Israel attacking Iranian military and nuclear targets and Iran retaliating.

U.S. President Donald Trump expressed frustration on Thursday that oil prices have risen amid supply concerns from potential conflict in the Middle East. Both global and U.S. oil prices surged more than 4% on Wednesday to their highest levels since early April before easing a bit on Thursday.

A prolonged disruption could destabilise economies, particularly in the GCC and energy-importing nations, by driving up costs for consumers and businesses.

Oil prices jumped on Wednesday as a U.S.-China trade deal and soft inflation report boosted demand expectations and geopolitical concerns sparked fear of supply disruptions.

White House officials said the 55% represents the sum of a baseline 10% "reciprocal" tariff Trump has imposed on goods imported from nearly all U.S. trading partners, the 20% fentanyl-related tariffs, and pre-existing 25% levies on imports from China that were put in place during Trump's first term.

NEW YORK — Oil prices are creeping higher and raising concerns about the impact on inflation’s cooling trajectory, consumers’ wallets and the Federal Reserve’s interest rate policy.

The local sharemarket is set to follow Wall Street lower on Monday as investors brace for wild swings in oil prices amid escalating tensions in the Middle East.