Oil climbed early Monday with investors squarely focused on escalating geopolitical tensions as Israel and Iran continue to bombard each other with no sign of a pause.

The Longview Economics team drew parallels between how the oil market reacted to the Israel-Iran exchange of missiles in April 2024 and what's happening right now. "Recent Iran-Israeli conflicts have been relatively short lived.

Crude oil jumped the most in more than three years, stocks slid and haven assets including government bonds and gold rose after Israel attacked Iran’s nuclear program sites in a major escalation of tensions in the Middle East.