Stock markets around the world could tumble on Monday and motorists are likely to pay more at the pump

• What the strikes on Iran mean for oil prices

• US–Israeli war on Iran – latest updates

The price of oil is expected to soar on Monday as the US-Israel war on Iran and the effective closure of the crucial strait of Hormuz rattles investors despite major producers’ pledges to increase its output.

US crude is on track to rise by 11% when trading resumes, according to data from the broker IG. The jump comes as Opec+, the cartel of oil producers, agreed on Sunday to step up its output by more than expected as it assessed the impact of the conflict.