Crude oil futures rose sharply on Thursday after Israeli Prime Minister Benjamin Netanyahu ordered intensified military strikes against Iran.

As of 9:38 a.m., United States crude was up $1.36 (1.81%) at $76.50 per barrel, while Brent crude climbed $1.10 (1.43%) to $77.80. Prices have surged over 11% in the past week as Israel escalates attacks on Iran’s nuclear and missile infrastructure.

Israeli Prime Minister Benjamin Netanyahu has ordered the military to step up strikes on “strategic targets” across Iran, including “government targets” in Tehran, according to Defense Minister Yoav Gallant.

In a social media post, Gallant said the aim is to “undermine the ayatollah’s regime” amid escalating tensions between the two nations.

JPMorgan cautioned on Wednesday that a regime change in Iran — a key OPEC producer — could trigger major disruptions in the global oil market.

The bank noted that political instability in such a vital oil-producing nation could have a profound impact on prices worldwide.

“If history serves as a guide, further destabilization of Iran could lead to significantly higher oil prices sustained over extended periods,” Natasha Kaneva, head of global commodities research at JPMorgan, told clients in a note.

Supply disruptions following a regime change are difficult to restore quickly, which could keep prices elevated, said JPMorgan analyst Natasha Kaneva.