Two oil tankers were on fire after colliding in the Gulf of Oman, as maritime officials warned that navigational systems are being jammed in the Middle East as a result of the military operations by Iran and Israel.

Military strikes between Iran and Israel have prompted concern about potential damage and disruption to the region's important oil and gas fields and infrastructure.

The initial round of Israeli attacks sent oil prices 7 percent higher on Friday. Still, at about $74 a barrel, Brent crude remains below the $80 average for 2024, the Deutsche Bank analysts wrote. The market continued to waver, though, and by Monday, oil prices had fallen about 3 percent.