In the wake of escalating military strikes between Israel and Iran, oil prices have surged by over 7%, marking one of the largest one-day gains in recent times. The spike comes as global markets react to the conflict, with the Dow Jones experiencing significant losses, plunging over 700 points. Analysts are weighing the potential impact of these developments on the oil market, with some predicting prices could climb to $90 or even $120 per barrel. The situation is raising concerns about inflationary pressures and risks to global economic growth, as Wall Street ends sharply lower amid the turmoil.