Ukrainian President Volodymyr Zelenskyy says rising global oil prices following Israeli strikes on Iran will strengthen Russia by increasing its oil revenues, aiding its war effort in Ukraine.

Gas prices "will likely start to rise across much of the country later this evening in response to Israel's attacks on Iran, which have caused oil prices to surge," Patrick de Haan, the head of petroleum analysis at GasBuddy, said on Friday in a post on X.

Higher crude prices squeeze Indian oil refiners as they have largely kept retail fuel prices unchanged in the domestic market despite volatility in the international market.

Ukrainian President Volodymyr Zelensky says rising global oil prices following Israeli strikes on Iran will strengthen Russia by increasing its oil revenues.

Global airline stocks tumbled on Friday as Israel's widescale strikes on Iran drove a more than 9% surge in oil prices and prompted carriers to clear out the airspace over Israel, Iran, Iraq and Jordan.

After Israel launched a military offensive against Iran, commercial air traffic across the Middle East came to a halt.