The Middle East is on fire. As Israel strikes Iran and Tehran responds, Europe, too, will pay the price.

Brent went up by 7 per cent — and, at times, by as much as 12 per cent —immediately after news broke out of the Jewish state launching a daring surprise offensive on Iran.

At the time of writing, it was at $73 per barrel. With damage on Iran’s energy infrastructure mounting and the rising threat of navigation disruptions in the Gulf, it will likely be going over triple digits over the next couple of weeks.