Oil prices climbed on Monday, extending Friday's rally, as renewed strikes by Israel and Iran over the weekend increased concerns that the battle could widen across the region and significantly disrupt oil exports from the Middle East.

The country’s exports mostly come from Kharg Island in the Persian Gulf. But Israel’s energy facilities are also at risk.

Iran’s state TV just announced that the country has started the second wave of its True Promise Operation Three on Israel tonight. The state TV said that this time the attack is a combination of drones and "more than 100" missiles, with Haifa and Tel Aviv being the main target tonight.

Israeli energy company Bazan said its Haifa oil refinery suffered pipeline and transmission line damage during Iran’s overnight missile barrage. Refining core facilities continue to operate at the site,

"Never try and predict what the price of oil is going to be, because there's one sure thing: You're going to be wrong," says Baker Hughes CEO Lorenzo Simonelli.

Israel unleashed airstrikes across Iran for a third day on Sunday and threatened even greater force as some Iranian missiles evaded Israeli air defenses to strike buildings in the heart of the

It follows daytime attacks from both sides, with Israeli strikes in Tehran continuing and Iran firing more missiles towards Israel.

Market watchers believe a full-scale disruption of global oil flows by closing the waterway is unlikely, and might even be physically impossible.