Analysts with ING financial group outlined four possible avenues for Iran: full escalation that also draws in other nations such as China or Russia; disruption of the Strait of Hormuz; active or passive support for terrorist attacks in the U.S. and Europe; or taking no action at all.

Oil is likely to rise by $3-$5 per barrel when trading resumes on Sunday evening after the U.S. attacked Iran at the weekend, market analysts said.

President Donald Trump posted on Truth Social on Monday, demanding no one raise oil prices. He also direct the Energy Department to "drill baby drill."