Global oil prices surged on Friday, reaching nearly $75 a barrel for Brent crude and close to $73 for U.S. West Texas Intermediate, following Israel's strikes on Iranian sites and subsequent Iranian drone attacks. The risk of disruptions in the global oil supply, particularly through the crucial Strait of Hormuz, due to the conflict between Israel and Iran has caused alarm and market anxiety. The escalating prices could spell economic challenges for oil-importing countries and consumers worldwide, with analysts warning of potential further increases above $100 per barrel if the conflict persists.