Crude oil futures jumped more than 3% Sunday after Israel struck two natural gas facilities in Iran, raising fears that the war will expand to energy infrastructure and disrupt supplies in the region.

U.S. oil prices already jumped last week, which could cause prices at the pump to rise about 20 cents a gallon in the coming weeks, according to one estimate.

Oil prices climbed on Monday, extending Friday's rally, as renewed strikes by Israel and Iran over the weekend increased concerns that the battle could widen across the region and significantly disrupt oil exports from the Middle East.

"Never try and predict what the price of oil is going to be, because there's one sure thing: You're going to be wrong," says Baker Hughes CEO Lorenzo Simonelli.

The Iran shock presents two risks to the price of oil, which rose 8 per cent to $74 a barrel on Friday morning, a sizeable jump for a single day. The first is that, in the context of the rising hostilities, Iran’s current crude exports, which have already been softening, could fall further.

Salem predicts that this attack may push Iran to make a deal with the U.S, "the outlines of which might be that Iran accepts to forgo enrichment inside Iran, with a big deal with the U.S. and the U.S. lifts sanctions on Iran and that could obviously lead to a sudden and rapid decline in oil prices, so one has to keep that in mind."

Israeli energy company Bazan said its Haifa oil refinery suffered pipeline and transmission line damage during Iran’s overnight missile barrage. Refining core facilities continue to operate at the site,

Israel unleashed airstrikes across Iran for a third day on Sunday and threatened even greater force as some Iranian missiles evaded Israeli air defenses to strike buildings in the heart of the