It is unclear who will ultimately govern Iran, the fourth-largest oil producer in OPEC, after U.S.-Israel strikes killed Ayatollah Ali Khamenei.

Expect short-term disruption and uncertainty, analysts say. But unless there's prolonged conflict, markets should settle down relatively quickly.

The price of oil surged Sunday after U.S. and Israeli strikes on Iran, which led to the death of the country's supreme leader.U.S.

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.

Global oil markets are preparing for potential supply disruptions after US airstrikes on Iran over the weekend revived concerns that shipments through the Strait of Hormuz could be affected.

Effective closure of the narrow waterway could spell trouble for many developed economies

Oil futures surged in the first trades since the United States and Israel launched strikes against Iran over the weekend.

The attacks on Iran are likely to send oil prices surging. Barclays says Brent crude could test $100 a barrel on Monday.

Most of Iran's exported oil goes to China and is carried on so-called "shadow ships," tankers that actively conceal their activities to evade sanctions or other restrictions. The U.S. has recently escalated its sanctions enforcement on shadow fleets in an attempt to limit their activities.