Iran and Israel continued trading fire in a fourth day of armed escalations. "The residents of Tehran will pay the price, and soon," Israeli Defense Minister Israel Katz pledged following reported Iranian strikes against Tel Aviv and Haifa.

The Israel-Iran conflict is pushing up global petroleum prices, but American oil producers have little interest in dramatically scaling up their operations.

Oil futures jumped as the market reopened Sunday night, building on last week’s surge after Israel attacked Iranian energy facilities over the weekend and underlining fears around potential disruption to Middle Eastern crude flows.

Ukrainian President Volodymyr Zelenskyy says rising global oil prices following Israeli strikes on Iran will strengthen Russia by increasing its oil revenues, aiding its war effort in Ukraine.

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.

Oil futures soared in electronic trade late Thursday after Israel's attack on Iran, with West Texas Intermediate crude, the U.S. benchmark, up nearly 10% in electronic trade on the New York Mercantile Exchange.