Global oil prices soar after Israel attacks Iran

The cost of crude oil affects everything from the price of food at the supermarket to how much it costs to fill up your car.

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The price of the benchmark Brent crude was up by more than 10% shortly after the news emerged, reaching its highest level since January.

Traders are concerned that a conflict between Iran and Israel could disrupt supplies coming from the energy-rich region.

The cost of crude oil affects everything from how much it costs to fill up your car to the price of food at the supermarket.

After the initial jump, oil prices eased a little. But Brent crude was still more than 5% higher than Thursday's closing price, trading at about $74.47 a barrel.