Although the U.S. is a net oil exporter, higher oil prices could increase inflation and lower economic growth.

The recent Israel-Iran conflict led to a dramatic shift in the markets as the price of the benchmark Brent crude oil rose more than 10%, hitting its highest point since January. On June 13, it closed at $75.

An hour with a big fixed income manager is a discussion of the big issues. Expect volatility, he says – a bit of a tired line, although not an untrue one.

Rather, it is geopolitical factors—specifically, escalating tensions in the Middle East—that are unsettling markets and pushing prices higher.

Richard Yetsenga, Group Chief Economist at ANZ Research, shared his insights on oil, trade, and the geopolitical forces shaping global markets.

U.S. oil prices already jumped last week, which could cause prices at the pump to rise about 20 cents a gallon in the coming weeks, according to one estimate.

Israel and Iran continue to fire a volley of missiles and drones at one another, targeting energy infrastructure as well as residential areas. The conflict, which has killed over 220 people so far since Friday (June 13),

That sent the yield on the 10-year Treasury up to 4.43% from 4.36% late Thursday. Higher yields can tug down on prices for stocks and other investments, while making it more expensive for U.S. companies and households to borrow money.

New West Asia conflict may impact India. Limited direct trade impact is expected. Higher oil prices are a major concern for the Indian economy. Disrup