The greatest risk the oil markets face is that Iran retaliates against Israel airstrikes by closing the Strait of Hormuz, which is critical to global energy shipments.

I avoid long-term oil investments due to unpredictable price swings, but high implied volatility now creates an opportunity to sell options for

Global shares have advanced and oil prices have fallen back slightly as Iran unleashed a fresh wave of missile attacks on Israel early Monday.

Oil prices fluctuated on Monday after jumping 7% on Friday, as renewed strikes between Israel and Iran over the weekend heightened market concerns, while European Gas prices rose. While the strikes did not directly affect Iran’s oil exports,

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.

Although the U.S. is a net oil exporter, higher oil prices could increase inflation and lower economic growth.