Oil and gas prices surged and global stocks fell on Monday as the widening conflict in the Middle East disrupted energy supplies from the region and threatened to hit the global economy.

Oil prices could move higher still if Iran targets Persian Gulf energy infrastructure and the Strait of Hormuz closure is prolonged.

European natural gas prices could more than double if shipping through the Strait of Hormuz is halted for a month, according to Goldman Sachs Group, as geopolitical tensions in West Asia raise fresh c

Higher energy prices could lead to already-struggling U.S. consumers paying more at the pump and shelling out more for groceries and other goods.