How will US and Israeli strikes on Iran affect oil markets?

LONDON: The United States and Israel launched strikes against Iran on Saturday, as the Islamic republic retaliated with barrages of missiles at Gulf states and Israel. Explosions were heard in the capitals of Saudi Arabia, Bahrain, Qatar and the UAE — all countries that host US forces. The attacks followed weeks of sabre-rattling and a major American military build-up in the region, with Iran repeatedly threatening to react fiercely to any attack and warning of a conflict that would engulf the region. The strikes against Iran could severely disrupt the global supply of crude oil and send prices soaring to…