Global share markets have advanced and oil prices have fallen back slightly as Iran unleashed a fresh wave of missile attacks on Israel early Monday.

Israel's attack on Iranian nuclear and military targets caused the price of oil to surge more than 7% on Friday, given that Iran is one of the world's major oil producers, although Western sanctions have limited its sales. A wider conflict could impede the flow of Iranian oil to its customers and sustain higher prices for crude and petrol worldwide. However, early Monday, those concerns appeared to abate somewhat.

US benchmark crude oil lost 73 cents, settling at $72.25 per barrel. Brent crude, the international standard, also gave up 73 cents, trading at $73.50 per barrel. Both are currently trading at their highest levels so far this year.