Crude oil prices surged following Iran's missile attack on Israel, a response to the killing of a Hezbollah leader and an Iranian commander. Brent and WTI futures rose significantly, although the immediate impact on the oil market seems limited due to intercepted missiles. Concerns remain about potential Israeli strikes on Iranian oil facilities and the reinstatement of US sanctions, which could elevate prices. Geopolitical tensions and China's economic policies may also influence oil demand and prices. OPEC+ is expected to maintain its output cut plans amid pressures from US production and market dynamics.