Oil and gas prices rose after the U.S. struck Iran’s nuclear infrastructure over the weekend, but the gains moderated early in the European trading session.

Global equity markets advanced on Monday while oil prices settled sharply lower after hitting multi-month highs, as markets shrugged off the effects of the escalating Middle East conflict, with Iran firing retaliatory airstrikes against U.

Oil prices rose on Monday in a volatile session following the United States' weekend move to join Israel in attacking Iran's nuclear facilities, as investors weigh the potential risks to oil supply disruptions as a result of the escalating conflict.

President Trump's decision to enter the US into the Israel-Iran conflict threw a fresh bout of uncertainty into a market rushing to grapple with the fallout.

The price of oil jumped more than 2% and U.S. stock futures and Asian shares are down as global markets react to the American bombing of nuclear targets in Iran.