Crude oil futures shot up over the weekend while gold prices gained and global stock markets teetered ahead of U.S. markets opening on Monday.

Neither Israel nor the surrounding Palestinian-controlled territories are major oil producers. But the broader Middle East region is.

The risk is that Israel could become engulfed in a wider conflict with Muslim countries accused of financially supporting terrorists – namely Iran and Saudi Arabia. The United States, which backs Israel militarily, could also get drawn into a conflict in the Middle East.

Were major OPEC oil producers to cut exports, oil prices could zoom to $100-$150 per barrel, according to some analysts.

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