The dramatic escalation in tensions between Israel and Iran caused a spike in the price of crude and raised fears among oil traders about disruption to shipping in the Strait of Hormuz, one of the world’s most vital waterways.

While there have been some attacks on energy infrastructure in both countries, the most oil-price-sensitive sites, including Hormuz and the major Kharg Island export terminal, have been spared.

Oil prices were stable on Monday after Iran's oil production infrastructure was excluded from intensification of military conflict with Israel, while the Strait of Hormuz remains open