Oil prices are leaping, and stocks are falling Friday on worries that escalating violence following Israel’s attack on Iranian nuclear and military targets could damage the flow of crude around the world,

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

Israel has conducted roughly 150 strikes on Iran over two days, while Iranian forces have fired roughly 200 ballistic missiles at Israeli territory in addition to scores of drones, according to an Israeli military official.

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.

Market reaction to Israel's attacks on Iranian nuclear sites sends oil and gold prices jumping while the Dow, S&P 500 and Nasdaq sink as investors abandon riskier assets.

Thirty percent of the world’s seaborne oil trade flows through the Strait of Hormuz. Iran and its proxies could block it.

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 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.