Oil prices have continued to climb after Iran and Israel fired missiles at each other for the first time since a ceasefire was agreed between the sides and the US in April.
The price of the global benchmark Brent was up by 4.5% at $97.30 (£73) a barrel, while US-traded crude gained by 4.3% to around $94.50.
It is too early to say whether the strikes mark a full escalation of the war, but traders are again pricing in risks to global oil markets, said Associate Professor Jiajia Yang from James Cook University in Australia.
Asian markets fell sharply on Monday, with major indexes like South Korea’s Kospi falling by nearly 8%.
Meanwhile, President Donald Trump has said that srael and Iran are looking for an immediate ceasefire.
Trump said final negotiations on “peace” are proceeding but are “subject to ignorance or stupidity getting in its way”.
“Both sides, Israel and Iran, are looking to do an immediate CEASEFIRE!”, he said on Truth Social media post.
“The Blockade will remain in place, and in full force and effect, until a ‘Final Deal’ is reached. Things should move quickly,” he adds.
With agency reports