By Wayne Cole and Alun John SYDNEY/LONDON (Reuters) -World shares nudged up on Monday, helped by oil walking back some of last week's increase, though the conflict between Israel and Iran remained a concern,

Rebecca Babin, senior energy trader at CIBC Private Wealth, joins ‘Squawk Box’ to discuss the oil market amid Middle East conflict, whether oil prices will rise, and more.

Oil supplies from the Middle East face increasing risk as the conflict between Israel and Iran drags on, according to RBC Capital Markets LLC, which warned that energy is now “clearly in the crosshairs.

The costs of chartering tankers to move oil from the Middle East to Asia have climbed and ship bookings have slowed as the Israel-Iran conflict fuels worries of potential disruptions, industry sources told Reuters on Monday.

Rising Middle East tensions have driven oil prices higher, potentially boosting Texas Pacific Land's future earnings. Read why TPL stock is a hold for now.

Smoke billowed above fuel tanks in Tehran and gas plants on Iran’s south coast on Sunday as energy became the latest front line in its conflict with Israel. Iran’s creaking energy sector, starved of foreign investment for years by sanctions,

If prices go up, Fed officials may be inclined to raise its benchmark rate, raising borrowing costs for businesses and consumers. That could lead to businesses to cut jobs, particularly in the high-growth tech sector, and force Americans to pull back on spending, which drives more than 70% of economic activity in the U.S.

Oil prices fluctuated on Monday after jumping 7% on Friday, as renewed strikes between Israel and Iran over the weekend heightened market concerns, while European Gas prices rose. While the strikes did not directly affect Iran’s oil exports,