Oil prices soared on Friday as Israel said it struck Iran’s nuclear facilities and missile factories, and while Tehran responded with a wave of more than 100 drones, sparking fears that a wider conflict in the Middle East could disrupt global oil supplies.

Iran announced Thursday it will launch a new uranium enrichment facility after the United Nations nuclear watchdog determined the country was not in compliance with its nuclear obligations. The Iranian government issued a statement calling the resolution “politically motivated” and biased and saying it “has no choice but to respond.