World powers respond to rising Middle East tensions as Israel strikes Iranian sites. The U.S. insists it was not involved in strikes, and the much of the globe urges restraint.

The fighting began when Israel struck nuclear targets in Iran on Friday, in what Tehran called a 'declaration of war'.

When the conflict began on June 13, it led to a significant surge in oil prices. But come June 17, and all gains have been erased. Oil, which was trading north of $75 on June 13, was quoted at $69.77 at press time.

Any disruption in Iran's oil production may impact global prices as Saudi Arabia and UAE are the only Opec+ members that can boost output.

The Israel-Iran conflict has rapidly escalated following Israel's surprise airstrikes on June 13, 2025, targeting key Iranian nuclear and military sites, including Natanz and Isfahan. The strikes killed senior Iranian commanders and scientists,

The idea that combat fuels more purchases of weapons made by a given firm and makes that company’s stock worth more ignores how long in advance militaries procure weapons.”