Key Takeaways Oil futures surged to a five-month high Monday morning after the U.S. struck Iranian nuclear facilities over the weekend but fell sharply later in the day amid optimism that an escalation of the conflict in the Middle East could be avoided.

Oil and gas prices rose after the U.S. struck Iran’s nuclear infrastructure over the weekend, but the gains moderated early in the European trading session.

Brent crude could rise sharply amid Middle East conflict, with forecasts ranging from $78 to $120 depending on the scale of supply disruption.