By Wayne Cole and Alun John SYDNEY/LONDON (Reuters) -World shares nudged up on Monday, helped by oil walking back some of last week's increase, though the conflict between Israel and Iran remained a concern,

Rebecca Babin, senior energy trader at CIBC Private Wealth, joins ‘Squawk Box’ to discuss the oil market amid Middle East conflict, whether oil prices will rise, and more.

This latest iteration of the Middle East crisis is both familiar and unfamiliar. We’re all back obsessing about the oil price, yet we also know from the last few years that that same oil price has appeared somewhat impervious — oblivious?

The costs of chartering tankers to move oil from the Middle East to Asia have climbed and ship bookings have slowed as the Israel-Iran conflict fuels worries of potential disruptions, industry sources told Reuters on Monday.

Oil prices are surging again. Over the past few weeks, crude has jumped more than 10% on the back of intensifying Middle East tensions. Israel has launched one of its most aggressive campaigns in years,

Iranian missiles damaged the US embassy in Tel Aviv, escalating tensions. Israel retaliated with strikes on Iran's energy sector, while both sides continued attacks.

Oil supplies from the Middle East face increasing risk as the conflict between Israel and Iran drags on, according to RBC Capital Markets LLC, which warned that energy is now “clearly in the crosshairs.

The price of Dubai swaps, which is a contract settled against physical prices of Dubai crude, rose 5.8% on June 13 to end at $71.03 a barrel. The gain of $3.86 a barrel for Dubai swaps contrasts with the $4.87 jump for Brent contracts.