The greatest risk the oil markets face is that Iran retaliates against Israel airstrikes by closing the Strait of Hormuz, which is critical to global energy shipments.

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

Iran and Israel continued trading fire in a fourth day of armed escalations. "The residents of Tehran will pay the price, and soon," Israeli Defense Minister Israel Katz pledged following reported Iranian strikes against Tel Aviv and Haifa.