Global Brent prices settled Monday above $80 a barrel for the first time since August, as the risk of an Israeli response to last week’s Iranian missile strike intensified, raising the potential for disruptions to the Middle East region’s oil supplies.

Iran's foreign minister warned Israel against launching an attack, saying on Tuesday any strike on Iranian infrastructure would be met with a stronger retaliation. Iran attacked Israel last week with a salvo of missiles.

The threat of a wider Israel-Iran war has yet to disrupt the physical flow of oil from Iran or other Gulf states in any major way. Crude prices haven't seemed to notice. Benchmark U.S. futures continued their steep climb Monday,

Oil opened the week lower as traders weighed Israel’s potential retaliation against Iran for a missile attack last week, with President Joe Biden discouraging a strike on Tehran’s crude fields.

The Iranian government has warned Israel against launching a counter-attack for the Islamic Republic's missile attack last week. Government's spokeswoman Fatemeh Mohajerani told the Iranian news agency IRNA on Monday that Iran will not stop upholding its right to self-defence.