Oil prices spiked on Sunday after the attacks on Iran. Markets are gauging the likelihood the conflict drags on or spill into a larger war.

The U.S.-Israeli attack raises the risk of major oil supply disruption. Iran is the fourth-largest OPEC producer and sits on the critical Strait of Hormuz.

Israel launched a new wave of strikes on Tehran and Iran responded with more missile barrages. Iran has said it has closed navigation through the Strait of Hormuz, prompting Asian governments and refiners to assess oil stockpiles.

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Oil futures will begin trading later on Sunday. Saudi Aramco shares were climbing as trading resumed in Saudi Arabia, possibly hinting that crude is headed for a surge.

The rise in crude oil prices poses significant risks for India's economy and its oil marketing companies, particularly as OMC stocks decline amidst escalating Middle East tensions. A spike in Brent crude prices could lead to retail fuel price increases,

Crude oil gets walloped in early Thursday trading, as we continues to see the markets move on the latest headlines between the US and Iran.

One of the least talked about dynamics of the global crude oil market is the role China plays in setting a floor and a ceiling for prices.