U.S. oil prices climbed about 3 percent as markets opened on Sunday evening, hovering around $75 a barrel, after Israel struck several Iranian oil and gas facilities over the weekend.

Chancellor Rachel Reeves says the government will do "everything in [its] power" to protect people in the UK from the knock-on economic effects of the conflict between Iran and Israel.

The attacks so far have been limited, but oil prices have risen on the risk of greater damage, and the fighting has affected tanker traffic and supply flows.