Oil prices resumed their upward climb and U.S. futures were lower early Tuesday after Israel’s military issued an evacuation warning to 330,000 people in Iran’s capital Tehran. Asian shares were mixed.

Oil prices climbed over 2% on Tuesday as Iran-Israel tension intensified and U.S. President Donald Trump urged "everyone" to evacuate Tehran, increasing the prospect of deepening unrest in the region and disruption to oil supply.

Australians could see petrol prices rise as high as $2.20 a litre, as analysts warn the spike in oil prices fuelled by the Israel-Iran conflict will flow "directly to the pump". They fear a prolonged conflict could plunge the world into a global energy crisis that could last years rather than months,