The price of oil may experience a historic surge as Brent crude prices hit a six-month high.

On this afternoon as per Beijing time, Israel launched an attack on Iran. Multiple missiles hit various targets in Tehran, Iran causing explosions. As there was no futures trading in the financial markets today, the immediate impact of this sudden event on international oil prices and gold and silver prices is still unknown. However, recent demands from countries such as the United States, Canada, and India for their citizens to evacuate Iran have raised concerns in the financial markets. International oil prices have risen this week and have seen a significant increase throughout February. Brent crude prices have reached a six-month high. It can be said that amid the backdrop of an "oversupply" in the oil market, geopolitical conflicts in the Middle East are the main reason for the increase in risk premiums for crude oil. In the most extreme scenario, if Iran were to launch attacks on oil facilities in other Gulf countries and disrupt a significant portion of the approximately 18 million barrels of crude oil supplied daily in that region, international oil prices could potentially skyrocket to historic highs, rising above $130 per barrel.