Stock futures rebounded slightly early Monday as the spike in oil prices due to the escalating conflict between Israel and Iran eased for a moment. Stock gains were muted as investors remained concerned about the rising geopolitical risk to the global economy.

Asian shares are mixed and oil prices have climbed further as escalating Iran-Israel tensions threaten to disrupt supplies of crude

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.

Iran was forced to shut part of its operations at the South Pars gas field after a suspected Israeli drone strike ignited a fire at one of its critical processing units on Saturday. The incident caused the suspension of 12 million cubic metres of gas production.

Israel and Iran have traded more missile attacks despite international calls for a halt to the fighting, with neither country showing signs of backing down as the conflict between the regional foes raged for a third day.

In a short post on X, Katz wrote, "Tehran is burning," a statement that follows Israeli strikes on two oil depots in Iran.

Israel’s attack on Iranian nuclear and military sites on Friday, and the resulting oil-price surge and airline-stock slump, could pose even more obstacles for consumers navigating an already unusual summer travel season.