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Analysts warned on Monday that there was no precedent for the surging price of oil, as the Middle East crisis deepens fears of prolonged production shut-ins and disruption to shipments through the strategically vital Strait of Hormuz.

Oil prices were on track for their biggest-ever jump in a single day on Monday, before significantly paring gains, following a fresh wave of U.S. and Israeli strikes across Iran over the weekend. Oil depots were among the targets.

International benchmark Brent crude futures

with May delivery traded 12.8% higher at $104.53 per barrel on Monday morning, while U.S. West Texas Intermediate futures