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Outlook for DAX hinges on Iran conflict, PMI data, and ECB guidance. Can soft price trends fuel a sustained rally?

Oil markets are entering a new phase of uncertainty after the U.S. entered the war between Iran and Israel, said industry watchers, predicting oil at $100 a barrel if the Strait of Hormuz is closed. MST Marquee's Saul Kavonic portends an "oil price shock" similar to levels seen in 2022 following Russia's invasion of Ukraine.

Hang Seng Index falls as Iran-Israel tensions escalate and oil prices surge on Strait of Hormuz closure fears. Will 23,000 hold?

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.