Crude oil futures jumped more than 3% Sunday after Israel struck two natural gas facilities in Iran, raising fears that the war will expand to energy infrastructure and disrupt supplies in the region.

OIH ETF sees gains with rising oil prices, but cyclical risks and technical resistance near $265 prompt a hold rating despite attractive valuations.

Asian markets kept their nerve on Monday and oil prices climbed anew as the conflict between Israel and Iran showed no sign of cooling, adding geopolitical uncertainty to the world's economic troubles in a week packed with central bank meetings.

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,

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

MOSCOW (Reuters) -Russian forces carried out an overnight strike on the Kremenchuk oil refinery that supplies fuel to Ukrainian forces in the Donbas region, Russia's defence ministry said on Sunday. President Volodymyr Zelenskiy denounced the attack on the central Poltava region as a vile strike against Ukrainian energy infrastructure.

A federal appeals court panel refused to vacate the approval of the massive Willow oil project on Alaska’s petroleum-rich North Slope though it found flaws in how the approval was reached.

Oil prices leaped, and stocks slumped on worries that escalating violence following Israel’s attack on Iranian nuclear and military targets could damage the flow of crude around the world, along with the global economy.