Oil prices leapt, and stocks fell on worries that escalating violence following Israel’s attack on Iranian nuclear and military targets could damage the flow of crude around the world, along with the global economy.

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

Israel has conducted roughly 150 strikes on Iran over two days, while Iranian forces have fired roughly 200 ballistic missiles at Israeli territory in addition to scores of drones, according to an Israeli military official.

Thirty percent of the world’s seaborne oil trade flows through the Strait of Hormuz. Iran and its proxies could block it.

The sweeping attacks by Israel, which began early Friday, have killed more than 70 people, including four of Iran’s top security chiefs, and damaged Iran’s main nuclear site at Natanz. Iran retaliated by launching scores of missiles at Israel. At least three people have been killed and dozens more wounded during these attacks.

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

A fire has broken out at a Marathon Oil refinery in Texas City, emergency officials say. The Texas City Office of Emergency Management (OEM) first posted about the fire at 12:25 p.m. The refinery is located on 5th Avenue South east of 25th Street South.