STORY: As Israel’s conflict with Iran escalated over the weekend, so did fears for global oil prices. Crude settled 7% higher on Friday as news of the conflict first broke. It then gained another 1.5% in early trade Monday, before easing back from initial highs. That left international benchmark Brent crude at around $75 per barrel. Over the weekend, Israeli strikes hit a major oil facility near Tehran. But for traders the key concern is whether Iran will try to disrupt oil supplies as part of its response to the attacks. About a fifth of the world’s total crude consumption passes through the Strait of Hormuz - a narrow shipping lane between Iran and Oman. Iranian media quoted one of the country’s lawmakers as saying closure of the Strait was being seriously considered. One analyst told Reuters that any such blockade could rapidly added $20 per barrel to oil prices. The tensions have also sparked fears of supply shortages - when only a few weeks ago the big worry was oversupply. Though major producers including Saudi Arabia do have the capacity to increase output if needed, traders say the market could be left with very little spare capacity. That could make oil prices vulnerable to any further escalation of the conflict or other new shock. For now, any hopes of a quick end to the fighting look forlorn, with both sides keeping up attacks. Iran has said it won’t negotiate a ceasefire while the Israeli air assaults continue.