Israel and Iran continue to fire a volley of missiles and drones at one another, targeting energy infrastructure as well as residential areas. The conflict, which has killed over 220 people so far since Friday (June 13),

The benchmark indices rallied on Monday despite the ongoing war between Iran and Israel. Sensex jumped 677 points to 81,796, while the broader Nifty closed 228 points higher at 24,946. Investor wealth rose by Rs 3 lakh crore to Rs 450.18 lakh crore on BSE today against Rs 447.21 lakh crore on Friday.

Oil prices surged, stocks dropped and investors flocked to safe havens like gold on Friday after tensions between Israel and Iran escalated, stoking concerns of a broader conflict in the region.

Israel's strike on Iran sparked turmoil in financial markets ... Oil spikes The price of crude oil surged as market participants braced for potential supply disruptions in the Middle East.

According VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, the impact on market will depend on how long the conflict lingers. In the near-term the market will be in a risk-off mode.

U.S. oil prices already jumped last week, which could cause prices at the pump to rise about 20 cents a gallon in the coming weeks, according to one estimate.