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,

With the exception of Russia’s invasion of Ukraine, big swings in oil have been driven by broader geoeconomic trends

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.

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

A sustained surge in oil prices is likely to complicate the U.S. fight against inflation. A $10-a-barrel increase would boost year-over-year growth in the Consumer Price Index by 0.5 percentage points,

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,

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

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.