Oil prices around the world have surged after simmering tensions in the Middle East boiled over and Israel launched an attack on Iran.
There are fears conflict between the two nations could disrupt supplies from the energy-rich region.
The BBC reports prices of Brent and Nymex light sweet crude were up by over 10% in the wake of the news emerging, hitting their highest levels since the beginning of the year.
By lunchtime in Asian trade, prices had eased slightly to around 7.5% higher. Brent crude was $74.50 a barrel, while Nymex was at $73.20.
Crude oil prices have a knock on affect on everything groceries at the supermarket to filling up your car.
Gold and the Swiss franc, which are seen as "safe haven" assets, also made gains, with some investors searching for reliability in times of uncertainty.
Israel Defense Forces (IDF) said Iran had launched around 100 drones towards the country.
Analysts have told the BBC traders will now be keeping a close eye on the conflict in the coming days and weeks to see if the situation escalates further.
Vandana Hari of Vanda Insights told the BBC: "It's an explosive situation, albeit one that could be defused quickly as we saw in April and October last year, when Israel and Iran struck each other directly.
"It could also spiral out into a bigger war that disrupts Mideast oil supply."