Oil prices rose further on Monday after the strong advance on Friday. The attacks that Israel and Iran carried out on each other over the past weekend fueled fears of a broader conflict in the region that accounts for a third of global crude oil production.

The price of a barrel of American oil was 1.1 percent higher at almost 74 dollars. A barrel of Brent oil, the oil from the Middle East and the North Sea, became 0.9 percent more expensive at nearly 75 dollars.

On Friday, oil was already around 8 percent more expensive after Israel’s surprise attack on military and nuclear facilities in Iran.

The Israeli army reported on the night from Sunday to Monday that it is attacking missile installations in central Iran on the fourth day of the offensive against the country. Iran has launched multiple missile attacks on Israel in recent days. Reuters reported that Iran is not open to ceasefire negotiations as long as Israel is attacking it.