The jump in oil prices following Israel's strikes on Iran could exacerbate stagflationary conditions if they persist, according to Apollo Global Management.

A sustained rise in the price of crude oil, which jumped sharply after Israel attacked Iran, could hurt consumers and President Trump’s efforts to bring down energy costs.

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

Oil prices are leaping, and stocks are weakening on worries that Israel’s attack on Iranian nuclear and military targets could escalate further and damage the flow of crude around the world, along with the global economy.

Oil prices leaped, and stocks slumped 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.

Treasury yields are higher Friday, with investors calculating that the surge in oil prices could push up overall inflation and make it harder for the Federal Reserve to cut interest rates. While geopolitical instability can sometimes boost Treasurys as investors look to buy safer assets,

That sent the yield on the 10-year Treasury up to 4.43% from 4.36% late Thursday. Higher yields can tug down on prices for stocks and other investments, while making it more expensive for U.S. companies and households to borrow money.

The Federal Reserve is widely expected to hold interest rates steady next week, with investors focused on new central bank projections that will show how much weight policymakers are putting on recent soft data and how much risk they attach to unresolved trade and budget issues and an intensifying conflict in the Middle East.