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.

Ukrainian President Volodymyr Zelenskyy says rising global oil prices following Israeli strikes on Iran will strengthen Russia by increasing its oil revenues, aiding its war effort in Ukraine.

Oil prices leaped, and stocks slumped on worries that escalating violence following Israel’s attack on Iranian nuclear and military targets could damage the flow of crude around the world, along with the global economy.

Oil futures soared in electronic trade late Thursday after Israel's attack on Iran, with West Texas Intermediate crude, the U.S. benchmark, up nearly 10% in electronic trade on the New York Mercantile Exchange.

As a longtime enemy attacks an oppressive government, Iranians are cycling through conflicting emotions: hope and hopelessness, celebration and trepidation.

Financial markets are set to reopen Monday with investors squarely focused on escalating geopolitical tensions as Israel and Iran continue to bombard each other with no sign of a pause.