MOSCOW (Reuters) -Russian forces carried out an overnight strike on the Kremenchuk oil refinery that supplies fuel to Ukrainian forces in the Donbas region, Russia's defence ministry said on Sunday. President Volodymyr Zelenskiy denounced the attack on the central Poltava region as a vile strike against Ukrainian energy infrastructure.

A sustained surge in oil prices is likely to complicate the U.S. fight against inflation. A $10-a-barrel increase would boost year-over-year growth in the Consumer Price Index by 0.5 percentage points,

The country’s exports mostly come from Kharg Island in the Persian Gulf. But Israel’s energy facilities are also at risk.

Rather, it is geopolitical factors—specifically, escalating tensions in the Middle East—that are unsettling markets and pushing prices higher.

Ukrainian President Volodymyr Zelenskyy says rising global oil prices following Israeli strikes on Iran will strengthen Russia by increasing its oil revenues, aiding its war effort in Ukraine.

Israeli energy company Bazan said its Haifa oil refinery suffered pipeline and transmission line damage during Iran’s overnight missile barrage. Refining core facilities continue to operate at the site,

Israeli Defense Minister Israeli Katz confirmed his earlier warning on Saturday that the state of Tehran “will burn” if Supreme Leader Ali Khamenei continued his counterattacks. In a short post on X,

The sweeping attacks by Israel, which began early Friday, have killed more than 70 people, including four of Iran’s top security chiefs, and damaged Iran’s main nuclear site at Natanz. Iran retaliated by launching scores of missiles at Israel. At least three people have been killed and dozens more wounded during these attacks.