U.S. oil prices already jumped last week, which could cause prices at the pump to rise about 20 cents a gallon in the coming weeks, according to one estimate.

Asia-Pacific markets rose Monday, as investors assessed escalating Israel-Iran tensions, while awaiting a slew of data from China. Oil prices jumped as Israel and Iran exchanged strikes, while gold prices rallied, as investors sought refuge in the safe haven metal with equity markets sliding globally. The attacks continued over the weekend.

Amid escalating tensions following Israel's military strikes on Iran, analysts warn that China may retaliate against the U.S. through Iranian proxies, affecting Middle Eastern dynamics and international relations.

China is suffering a "terrible loss" in the Middle East and could convince some other party to "strike us," according to Gatestone Institute's Gordon Chang.

Israel and Iran have opened a new chapter in their long history of conflict. Israel launched a major attack with strikes early Friday that set off explosions in the Iranian capital of Tehran.

China has issued advisories to its citizens in Israel and Iran of the "complex and severe" security situation in those countries on Friday, adding a warning to those in Israel to prepare for possible missile and drone attacks.

President Donald Trump's eventful week included securing a preliminary trade deal with China, deploying National Guard troops to Los Angeles, and responding to Israel's strikes on Iran.

An exchange of strikes on refineries and gas facilities was limited but raised the risks to an industry with broad economic impacts.

China was deeply concerned about the Israeli attacks on Iran and urged de-escalation for regional peace and stability, a Chinese foreign ministry spokesperson said on Friday. "China opposes any infringement upon Iran's sovereignty,