Oil prices advanced during Monday’s trading session in Asia, extending a recent rally driven by growing concerns over potential supply disruptions amid escalating tensions between Israel and Iran in the Middle East.

Australians could see petrol prices rise as high as $2.20 a litre, as analysts warn the spike in oil prices fuelled by the Israel-Iran conflict will flow "directly to the pump". They fear a prolonged conflict could plunge the world into a global energy crisis that could last years rather than months,

Oil prices extended gains Monday as Israel and Iran pounded each other with missiles for a fourth day and threatened further attacks, stoking fears of a lengthy conflict that could reignite inflation.