Oil prices soar past $100 as Iranian attacks set tankers ablaze in Gulf and Strait of Hormuz

Oil prices have surged after Iranian attacks set Gulf tankers ablaze, raising fears of major disruption to global energy supplies. 

Iran warned the world to prepare for soaring oil prices, while major economies have begun releasing crude from their strategic reserves. 

Meanwhile, investigators believe the US military may have been responsible for a strike on a girls' school on the first day of the war. 

The widening Israeli campaign against Iran-backed Hezbollah has also displaced hundreds of thousands of people in Lebanon, reports Reuters.

Bottled water costs in India likely to rise

The war is also rattling India's $5 billion packaged water market just as the sweltering summer season approaches, Reuters reported.

Researchers say about 70% of groundwater in India is contaminated, leaving millions reliant on bottled water and making it one of the world's fastest-growing packaged water markets.

However, manufacturers have begun increasing prices for distributors as supply problems linked to the war push up production costs—from plastic bottles to caps, labels and cardboard boxes.

Rising oil prices have driven up the cost of polymer, a crude-oil-based material used to make plastic bottles. According to industry communications, the cost of bottle-making materials has risen by 50% per kilogram, while the price of bottle caps has more than doubled. Even corrugated boxes, labels and adhesive tape have become significantly more expensive.

Oil unlikely to hit $200 a barrel, says US energy chief

U.S. Energy Secretary Chris Wright has downplayed fears that oil prices could reach $200 per barrel if the war escalates.

Speaking to CNN, Wright responded to comments from an Iranian official who warned of such a surge.

"I would say unlikely, but we are focused on the military operation and solving a problem," Wright said.

He also told CNBC that the U.S. Navy cannot currently escort ships through the Strait of Hormuz but said it was "quite likely" that such operations could begin by the end of the month.

War already costing the US billions

The conflict is also proving costly for Washington. Officials from the Trump administration estimate that the first six days of the war against Iran have cost the United States at least $11.3 billion, according to a source familiar with the matter.

The estimate was discussed during a closed-door briefing for senators on Tuesday.

Several congressional aides expect the White House to soon request additional funding from Congress to continue the war effort. So far, the administration has not publicly disclosed the total cost of the conflict or provided a timeline for how long it may last.

During a trip to Kentucky on Wednesday, President Donald Trump said "we won" the war but added that the United States would remain in the fight to finish the job.

Administration officials also told lawmakers that about $5.6 billion worth of munitions were used during the first two days of strikes alone.