Soaring oil prices following Israel's airstrikes on Iran's nuclear facilities could turn out to be a boost for Russia's war effort. Israel launched Operation Rising Lion against Iran's nuclear facilities in the early hours of Friday morning,

That scenario now appears alarmingly close. On the evening of June 12th, Israel launched dozens of air strikes on Iranian military and nuclear sites. The attack threatens to inflame the Gulf, which pumps a third of the world’s oil. Brent crude, the global benchmark, rose by 8% on June 13th, to $74 a barrel (see chart). How high might it now go?

The military strikes jolted investors, raising concerns that a broader Mideast conflict would disrupt the world’s energy supplies.