Stock futures were higher on Sunday as investors weighed the impact of the escalating Israel-Iran conflict that shows no signs of any potential off-ramps ahead. Oil prices rallied after Israel attacked key areas of Iran’s energy infrastructure over the weekend,

Israel’s strike on Iranian nuclear and military facilities has pushed West Asia one step closer to a far wider, more dangerous regional war. It also has implications for recent US diplomatic efforts toward a deal with Tehran over its nuclear program.

Iran remains in economic crisis due to international sanctions over its nuclear program, which have limited its oil exports. The Iranian rial remains weak and inflation is stubbornly high at around 40%. Any further disruption to oil exports would ripple globally.

Oil prices extended gains Monday as Israel and Iran pounded each other with missiles for a fourth day and threatened further attacks, stoking fears of a lengthy conflict that could reignite inflation.

The Centre for the Promotion of Private Enterprise, CPPE, has outlined both the risks and possible benefits the escalating conflict between Israel and

Israel and Iran launched fresh attacks, killing and wounding civilians and raising concerns of a broader regional conflict.

The U.S. economy’s reliance on overseas oil is very much less a factor today than 10 or 15 years ago, says Nomura economist David Seif.

The ongoing Israel Iran war has unleashed not only a massive aerial assault with missiles and drones causing heavy destruction in both the countries but could potentially impact global economy including India with whom the two have trade relations.

Anger is mixed with worry as Iranians in the capital of Tehran woke up Saturday to images of their country’s retaliatory attacks on Israel