Oil prices were volatile on Monday, after surging 7% on Friday, as renewed strikes by Israel and Iran over the weekend increased concerns that the battle could widen across the region and significantly disrupt oil exports from the Middle East.

U.S. oil prices already jumped last week, which could cause prices at the pump to rise about 20 cents a gallon in the coming weeks, according to one estimate.

"Never try and predict what the price of oil is going to be, because there's one sure thing: You're going to be wrong," says Baker Hughes CEO Lorenzo Simonelli.