Helima Croft, RBC, joins 'Closing Bell Overtime' to talk the state of the crude oil market amid rising tensions in the Middle East.

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.

Oil prices are surging after Israel’s attacks against Iran, with Brent crude futures jumping as high as $78.50 a barrel—their highest level since January. Here's what events in the Middle East may mean for the market going forward: Say goodbye to sub-$60 a barrel prices this year,

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

The International Energy Agency is "actively monitoring the impact on oil markets from the Israel-Iran situation," executive director Faith Birol said in a post on X Friday. "Markets are well supplied today but we're ready to act if needed,

The past two years of escalating tensions in the Middle East have taught oil traders to be sanguine about the risk of disruption to oil supplies.

Riyadh wants to squeeze U.S. frackers, although an all-out price war would be costly.