Recent developments in the Middle East have led to a significant spike in oil prices, as geopolitical tensions between the U.S. and Iran escalate. Market analysts report that oil prices have jumped to levels above $70 a barrel due to fears of a potential conflict. The situation has been exacerbated by stalled peace talks between Russia and Ukraine, further complicating global economic stability. Amidst these tensions, stock markets in the Middle East have experienced noticeable declines, while commodities like gold have also seen a surge. Traders are closely monitoring ongoing negotiations, as any sign of progress could shift market sentiments, but concerns over U.S. military action against Iran continue to drive prices higher.