Oil prices climbed as traders worried that fresh clashes between the US and Iran could lead to further restrictions on global crude flows through the Strait of Hormuz. Brent, the

Oil prices surged more than 3.5% after the U.S. and Iran exchanged fresh strikes, intensifying their standoff over control of the Strait of Hormuz.

Oil prices jumped and world shares were mixed on Monday after the U.S. carried out airstrikes and Iran retaliated. In early European trading, Germany's DAX added 0.2% to 25,105.55 and the CAC 40 in Paris edged 0.

Oil rose and Treasuries fell after the US launched another round of strikes against Iran, reviving concern that higher energy prices will keep inflation elevated and interest rates higher for longer.