Recent military actions by Israel against Iran have sent shockwaves through global markets, resulting in a steep downturn in stocks while oil prices have jumped significantly. Analysts report a surge of more than 9% in oil prices, marking one of the largest single-day gains in nearly five years, with projections indicating the possibility of prices hitting up to $120 a barrel amid escalating tensions. Stock indices are on track for a significant selloff, reflecting investor apprehension surrounding the ongoing conflict. As oil prices reached over $68 a barrel and Brent crude surpassed $73, concerns are mounting about the broader implications of the Israel-Iran conflict on energy markets and geopolitical stability. Many traders are recalibrating their strategies in response to the volatility, with the potential for further spikes in oil prices as the situation develops.