Oil prices rose and stock markets came under pressure on Monday after intense US-Israeli strikes on Iran prompted fears of significant global economic disruption. While oil later fell back slightly from its initial highs, Brent remained up by 6% at nearly $78 a barrel. Benchmark European gas prices rose as much as 39% on Monday. Power prices in Europe also rose on the higher gas and oil prices. Some analysts suggested oil prices could exceed $100 a barrel unless flows through the strait of Hormuz were quickly restored.
