Shares of energy companies rallied on Tuesday as oil prices popped amid the conflict between Iran and Israel escalating. Both West Texas Intermediate (WTI) and Brent crude futures rose more than 3% in afternoon trading,

Global markets have remained relatively calm amid the escalating tensions between Israel and Iran. But that sentiment could quickly shift, according to experts, if the conflict affects the Strait of Hormuz.

Some energy facilities have been hit in both Israel and Iran in recent days, although major oil and gas infrastructure and flows have so far been spared.

China has also suggested that with its “special influence” on Israel, the US should take immediate measures to de-escalate Israel and Iran's tensions to that the conflict does not spread anymore.

Oil prices surged, stocks dropped and investors flocked to safe havens like gold on Friday after tensions between Israel and Iran escalated, stoking concerns of a broader conflict in the region.

President Donald Trump described the ongoing conflict between Israel and Iran as "painful for both parties," but asserted that Iran is not winning.

Asian shares are mixed and oil prices have climbed further as escalating Iran-Israel tensions threaten to disrupt supplies of crude

As the conflict escalates, container shipping faces growing risks from a potential chokepoint closure, rising insurance costs and surcharges from major carriers.