Oil futures on Monday jumped by over 8%, with West Texas Intermediate futures and Brent trading at $72.52 and $79.04 per barrel respectively.

Markets around the world could tumble on Monday and motorists are likely to pay more at the pump

Global investors reacted to the weekend strikes in the Middle East by selling U.S. stocks in futures markets. Some assets may benefit, however.

Oil futures on Monday jumped by over 8%, with West Texas Intermediate futures and Brent trading at $72.52 and $79.04 per barrel respectively.

The war between the U.S. and Iran is threatening to widen and jolt global energy supplies.

Brent crude rose by 13% during early trading and stock markets came under pressure as US-Israeli strikes on Iran raised fears of disruption

Asian markets started the day lower across the board, with major markets in the region in negative territory.

Brent crude is up by 9 percent amid supply concerns as Trump says strikes on Iran could last weeks.

Oil prices continue to rise Iran's Revolutionary Guard says it has closed the Strait of Hormuz,