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Goldman Sachs flagged increasing risks to global energy supply and raised concerns over a potential disruption in the Strait of Hormuz, leading to significant spikes in oil and natural gas prices, the bank said in a note dated Sunday.

Oil prices jumped on Monday to their highest since January as Washington's weekend move to join Israel in attacking Iran's nuclear facilities stoked supply worries.

David Zervos, Jefferies chief market strategist, joins CNBC's 'Special Report' to discuss the latest market trends following Washington's surprise attack against Iranian nuclear sites.

Still, any pullback in equities might be fleeting, history suggests.

Helima Croft, RBC Capital Markets global head of commodity strategy, joins CNBC's 'Special Report' to discuss the latest moves in the oil and energy markets following Washington's surprise attack against Iranian nuclear sites.

Bob McNally, Rapidan Energy Group founder and president, says it would be "suicidal" for Iran to completely close the Strait of Hormuz, but he says the country can disrupt the flow of oil in other ways. He is on "Balance of Power.

Oil markets are reacting after Washington's surprise attack against Iranian nuclear sites further escalated the Iran-Israel conflict, raising questions over the crude supply outlook. Iran produced roughly 3.3 million barrels per day in May, according to an OPEC report citing independent estimates.

The Strait of Hormuz isn't the only concern when it comes to flows of crude and other energy products out of the Middle East.

U.S. Secretary of State Marco Rubio called on China to prevent Iran from blocking the Strait of Hormuz in retaliation for U.S. airstrikes. About 20% of the world's oil passes through the Strait of Hormuz.

How oil price volatility can affect the global economy.