The U.S. strikes on Kharg Island and Trump's threat to hit Iran's oil infrastructure mark a major escalation in the war, according to JPMorgan.

WTI crude saw its biggest weekly gain since the 1980s last week.

The U.S. strikes on Kharg Island and Trump's threat to hit Iran's oil infrastructure mark a major escalation in the war, according to JPMorgan.

Another weekend of violence compounded global market concerns over war in the Middle East, following US strikes on the vital oil hub