From the BBC World Service: There have been days of missile strikes between Israel and Iran, and oil markets are responding.

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.

Stock futures rebounded slightly early Monday as the spike in oil prices due to the escalating conflict between Israel and Iran eased for a moment. Stock gains were muted as investors remained concerned about the rising geopolitical risk to the global economy.

Oil prices climbed on Monday, extending Friday's rally, as renewed strikes by Israel and Iran over the weekend increased concerns that the battle could widen across the region and significantly disrupt oil exports from the Middle East.

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.