U.S. President Donald Trump expressed frustration on Thursday that oil prices have risen amid supply concerns from potential conflict in the Middle East. Both global and U.S. oil prices surged more than 4% on Wednesday to their highest levels since early April before easing a bit on Thursday.

Global production is well placed to cope with Iranian disruption.

Calm returned to Wall Street, and U.S. stocks rallied, while oil prices gave back some of their initial spurts following Israel's attack on Iranian nuclear and military targets at the end of last week.

U.S. stocks closed higher on Monday, as oil prices retreated after the Israel-Iran attacks left crude production and exports unaffected, easing investor concerns about the potential for higher energy prices to stoke inflation.

A sustained rise in the price of crude oil, which jumped sharply after Israel attacked Iran, could hurt consumers and President Trump’s efforts to bring down energy costs.

A former White House official issued a chilling ultimatum to Donald Trump's administration as oil prices continue to rise in the US

India's benchmark indexes are set for a muted open on Tuesday, as investors adopt a cautious stance following U.S. President Donald Trump's call to evacuate Tehran amid escalating Israel-Iran tensions.