Oil prices surge 13%

(CNN)– Israel’s attack on Iran has introduced significant volatility into the oil market. At one point Thursday, prices in the U.S. soared 13% per barrel.

That price has fallen for now but it’s still up 5%.

The spike is based on fears a wider conflict in the Middle East could disrupt oil supplies.

Analysts say if Iran pulls out of the global market, oil prices could jump by about $7.50 per barrel.

That’s more than 10% the current trading price.