Israel hit a petrochemical plant in southwestern Iran early on Monday, the first direct energy strike on Iranian territory since the April 8 ceasefire, as hostilities in the Middle East rapidly escalated during the weekend. Israel and Iran traded missile strikes on Sunday, with Iran targeting Israel and Israel retaliating on Iranian targets. The escalation swiftly led to a 5% spike in oil prices early on Monday in Asian trade amid market fears that a U.S.-Iran deal is becoming increasingly elusive.