Crude oil futures jumped more than 3% Sunday after Israel struck two natural gas facilities in Iran, raising fears that the war will expand to energy infrastructure and disrupt supplies in the region.

Chancellor Rachel Reeves says the government will do "everything in [its] power" to protect people in the UK from the knock-on economic effects of the conflict between Iran and Israel.

U.S. oil prices jumped 12 percent from Tuesday to Friday, to $72.98 a barrel, and energy prices may climb higher after Israel struck several Iranian oil and gas facilities over the weekend.