Oil prices slid after jumping more than 4% in the previous trading session as investors monitor tensions in the Middle East and the latest U.S. trade policy developments.

If Iran can close off the Strait Of Hormuz and the flow of oil through the Strait Of Hormuz, They can basically cause a worldwide depression. They can cause oil prices to shoot up. They have the military capability to do this.

According to economic reports from Reuters, oil prices surged by 7% on Saturday following an exchange of airstrikes between Israel and Iran. This escalation has heightened investor fears of widespread disruptions to Middle Eastern oil exports.

Oil prices are leaping, and stocks are falling on worries that Israel’s attack on Iranian nuclear and military targets could escalate further and damage the flow of crude around the

U.S. Energy Secretary Chris Wright said on Friday he and his team are working with the White House's National Security Council to monitor the situation in the Middle East and any potential impacts to global energy supply.