The price of a barrel of Brent crude oil surged as the US joined Israel's war efforts against Iran but markets remain somewhat muted.

A key concern for markets would center around the potential impact of the developments in the Middle East on oil prices and thus on inflation.

Global oil markets jolted sharply upward on Monday after the United States bombed three of Iran’s key nuclear facilities over the weekend, raising fears that Tehran will retaliate by targeting critical Gulf oil infrastructure or disrupting shipping through the Strait of Hormuz, the Financial Times reported.