Oil prices surged to over $116 per barrel on Monday as the U.S.-Israeli conflict with Iran intensified, rattling global markets. Brent crude jumped from $112.57 on Friday, marking a 56 percent increase since the war began. West Texas Intermediate crude climbed to around $102 per barrel, up from $99.64.

Asian stock markets plunged as investors reacted to the escalating violence. Japan's Nikkei 225 fell over 4 percent, while South Korean stocks dropped about 4 percent. Hong Kong and Chinese markets also declined. U.S. futures signaled a lower opening when Wall Street resumes trading.

The Strait of Hormuz, which normally carries one-fifth of global oil supply, has become a focal point of concern. The waterway's potential blockage has driven prices higher. Meanwhile, U.S. gasoline prices have risen 34 percent to a national average of $3.98 per gallon, with diesel up 44 percent to $5.41.