Global shares rebounded Tuesday from their sharp declines a day before as global investors wagered that the war with Iran may not last too long. But the gains fell far short of losses Monday, when oil prices neared $120 per barrel before falling back to about $90.

If oil prices stay very high for very long, households’ budgets already stretched by high inflation could break under the pressure.

World shares tumbled on Monday, with Japan's benchmark Nikkei 225 index plunging more than 5%, after oil prices spiked at nearly $120 a barrel.

Oil prices have jumped past $100 a barrel as the Iran war disrupts oil production and shipping in the Middle East

If the Strait of Hormuz remains closed for a few weeks, the price of oil could push to $150 per barrel of higher, according to oil and gas strategists at Macquarie Research.

The Iran war has upended oil production and shipping across the Middle East, straining energy supplies worldwide

U.S. stocks trimmed much of an early loss amid growing concerns about whether the global economy can withstand spiking prices for oil, which briefly got to nearly $120 per barrel on Monday. Wall Street had initially followed global markets on a steep descent earlier in trading and remains twitchy and quick to reverse amid all the

After surging above $100 a barrel on Monday, oil falls closer to $90 - but remains above pre-war levels. Trump also says he will hit Iran "twenty times harder" if they block the Straits of Hormuz.