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.

Chancellor Rachel Reeves says the government will do "everything in [its] power" to protect people in the UK from the knock-on economic effects of the conflict between Iran and Israel.

U.S. oil prices jumped 12 percent from Tuesday to Friday, to $72.98 a barrel, and energy prices may climb higher after Israel struck several Iranian oil and gas facilities over the weekend.