US and Brent crude prices jumped on fears of supply disruption from the Middle East as Iran has repeatedly threatened to close a key shipping route.

The run-up in crude oil futures paused on Monday even after Israel struck two natural gas facilities in Iran over the weekend, raising fears that the war will expand to energy infrastructure and disrupt supplies in the region.

Aspebindo said the oil price hike due to the Israel-Iran conflict as a double blow to the national economy, which still relies on energy imports.

Oil prices rose, with analysts saying that uncertainty would keep prices elevated, even as there were no concrete signs of any production losses stemming from the Iran-Israel

Oil prices surged as Iran and Israel exchanged strikes on key energy infrastructure this weekend, raising fears of broader disruption.

Oil futures jumped as the market reopened Sunday night, building on last week’s surge after Israel attacked Iranian energy facilities over the weekend and underlining fears around potential disruption to Middle Eastern crude flows.

Oil prices fell $1 per barrel on Monday in volatile trading after reports that Iran is seeking an end to hostilities with Israel, raising the possibility of a truce and easing fears of a disruption to crude supplies from the region.

The Dow Jones Industrial Average close down nearly 770 points, or 1.7%. The S &P 500 declined 1.1%, while the tech-heavy index slid 1.3%. The jump in oil prices threatens to raise the price of gasoline for U.S. drivers, since crude oil makes up the top ingredient in car fuel.

U.S. oil benchmark prices climbed roughly 7% to about $73 a barrel, the highest level since early April. U.S. government borrowing costs climbed. Tech stocks like Nvidia and Tesla moved lower, while shares in oil and defense-industry firms like Chevron, Lockheed Martin, and Palantir traded up.

Aspebindo evaluates the increase in oil prices due to the Iran-Israel conflict as a warning for the fragility of national energy resilience.