Oil prices rose nearly 10 percent on Monday, underscoring the economic risks of the widening conflict in the Middle East. The U.S.-Israeli attacks on Iran could severely restrict supplies from a key oil and gas-producing region.

Oil futures surged Monday after the United States and Israel launched strikes against Iran over the weekend. US crude jumped 7.8%. Brent crude, the international benchmark, spiked 6.5% to trade at around $77 a barrel,

The war in the Mideast is sending shudders through global energy markets. Oil prices are up more than 8%, and European natural gas futures are spiking 42% in the wake of the shutdown of a major supplier of ship-borne gas due to the fighting.

The jump in oil prices could lead to a jump in prices as soon as Monday, but it won't be a spike, an analyst said.

Airstrikes on Iran have effectively closed the Strait of Hormuz, which 20% of the world's oil travels through.

After the US and Israel struck Iran with a series of air strikes on Saturday, triggering immediate retaliation, oil prices could jump by $10 to $20 or more.

Traders were betting the supply of oil from Iran and elsewhere in the Middle East would slow or grind to a halt.

Oil prices spiked on Sunday after the attacks on Iran. Markets are gauging the likelihood the conflict drags on or spill into a larger war.