Global markets witnessed sharp movements with the escalation of tensions in the Middle East following renewed US military strikes on Iran, as oil prices jumped by about 3% amid fears of the closure of the Strait of Hormuz and disruption of supplies. On the other hand, the dollar strengthened its gains, supported by investors’ demand for safe assets, while gold fell by more than 1% as energy prices rose and attention turned to the repercussions of the crisis on the global economy. Oil prices rose today by more than 3% with the escalation of the confrontation between the United States and Iran, and the expansion of the scope of attacks in countries of the region, which increased concerns about the security of energy supplies and shipping traffic through the Strait of Hormuz. Brent crude futures rose $2.34, or 3.08%, to record $78.35 per barrel, while US West Texas Intermediate crude rose $2.21, or 3.09%, to $73.62 per barrel. On the other hand, the International Energy Agency indicated that the global supply of oil rose by about 4.1 million barrels per day during June, but it is still less than about 9.4 million barrels per day compared to levels before the outbreak of the war.