The unexpected attack by Israel on Iran, a major oil-producing nation, may undermine anaemic global economic growth and hinder central banks’ ability to cope in an already uncertain market. Iran exports up to 2 million barrels of oil and refined petroleum products per day (million barrels per day – mbd).

Oil prices are fluctuating as the conflict between Iran and Israel continues for the sixth straight day. Brent crude had reached $76.70 per barrel, its highest level since February, while West Texas Intermediate (WTI) was also trending up.

Oil prices surged, stocks dropped and investors flocked to safe havens like gold on Friday after tensions between Israel and Iran escalated, stoking concerns of a broader conflict in the region.