Oil prices fluctuated on Monday after jumping 7% on Friday, as renewed strikes between Israel and Iran over the weekend heightened market concerns, while European Gas prices rose. While the strikes did not directly affect Iran’s oil exports,

Although the U.S. is a net oil exporter, higher oil prices could increase inflation and lower economic growth.

A sustained rise in the price of crude oil, which jumped sharply after Israel attacked Iran, could hurt consumers and President Trump’s efforts to bring down energy costs.

The dollar's recent appreciation on the Israel-Iran conflict is likely mainly due to the oil-price rally as opposed to its safe-haven role, Commerzbank's Thu Lan Nguyen said in a note. "The dollar benefits from a rise in oil prices,

Rather, it is geopolitical factors—specifically, escalating tensions in the Middle East—that are unsettling markets and pushing prices higher.

FTSE 100 futures are about flat, after the index skirted the worst of a small selloff on Friday, and oil prices have cooled from an earlier spike but remain higher.

Oil prices rose as much as 12 per cent in the immediate aftermath of Israel’s attacks on Iran’s nuclear facilities. Over the weekend the conflict escalated further with Israel hitting, among other targets,

Forbes Global 2000, but over half lost ground due to falling oil prices and weak refining margins, with BP dropping 374 spots.