Although the U.S. is a net oil exporter, higher oil prices could increase inflation and lower economic growth.

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.

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,

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

Oil prices are leaping, and stocks are weakening Friday on worries that Israel’s attack on Iranian nuclear and military targets could escalate further and damage the flow of crude around the world, along with the global economy.

"We are not involved in strikes against Iran and our top priority is protecting American forces in the region," Rubio said in a statement. "Israel advised us that they believe this action was necessary for its self-defense.

The recent Israel-Iran conflict led to a dramatic shift in the markets as the price of the benchmark Brent crude oil rose more than 10%, hitting its highest point since January. On June 13, it closed at $75.

Diamondback Energy stock rose 5% and Occidental Petroleum rose nearly 5% as a swathe of energy-related stocks reacted to a jump in crude prices after Israel's attack on Iran. Conoco-Phillips' stock rose 4%, ExxonMobil rose 3% and Chevron gained 2.7%.