Global crude oil prices have surged sharply, rising over 15% since early June, as escalating conflict between Israel and Iran, now involving direct U.S.

Brent crude oil price is set to jump sharply when the market opens later today after Donald Trump launched a bombing campaign in Iran. It ended the week at $77, up by 31% above the lowest point in May.

Oil prices, which had surged following the start of the Iran-Israel conflict and reached a five-month peak last week, saw a sharp decline on Monday after Iran carried out missile strikes on US military air base in Qatar.