Oil prices rise after Iran-Israel attacks

Oil prices continued to rise after Iran and Israel exchanged missile strikes for the first time since a ceasefire reached between the parties and the United States in April.

Brent crude, the global benchmark, rose 4.5 percent to $97.30 a barrel. Meanwhile, U.S. crude rose 4.3 percent to around $94.50 a barrel.

According to Associate Professor Jiajia Yang from James Cook University in Australia, it is still too early to determine whether the attacks mark a full-scale escalation of the conflict, but traders are already calculating new risks for global oil markets.

The impact of the tensions was also reflected in Asian financial markets. Stock markets in Asia fell sharply on Monday, with major indexes, such as South Korea's Kospi, losing almost 8 percent of their value.

Analysts warn that any further escalation of the conflict in the Middle East could have significant consequences for global energy supplies and the stability of international markets.