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 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,

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.

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

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.

Oil prices slipped on Thursday as markets weighed the U.S. decision to relocate personnel from the Middle East ahead of upcoming talks with Iran regarding its nuclear activities, while lingering uncertainty over tariff battles kept investors on the edge.

Israel’s strike on Iran has injected a fresh bout of geopolitical risk into an oil market that has been in the doldrums due to concerns about the global economy and supply increases from OPEC+.