Bitcoin climbed on Monday after slipping over the weekend, but remained rangebound as an escalating conflict between the U.S., Israel and Iran sent oil prices surging and rattled global markets.

The world’s largest cryptocurrency rose 3% to $69,350.0 by 10:38 ET (14:38 GMT), after falling below $66,000 earlier in the session.

U.S. crude oil futures climbed more than 10% on Friday, pulling closer to Brent as buyers sought available barrels, with Middle Eastern supply constrained by the effective closure of the Strait of Hormuz amid the expanding U.S.-Israeli conflict with Iran. 

Brent crude futures were up $5.42, or 6.35%, at $90.83 a barrel at 10:37 a.m. CST (1637 GMT). West Texas Intermediate crude (WTI) was up $7.81, or 9.81%, at $88.96.

Gold prices rose Friday, boosted by signs of U.S. labor market weakness which weighed on the dollar, but were still headed for weekly losses.

At 08:50 ET (13:50 GMT), Spot gold traded 0.7% higher at $5,117.52 an ounce and gold futures gained 0.9% to $5,124.70/oz.

The precious metal was on track to slip around 3% this week, with recent strength in the dollar and reduced interest-rate-cut expectations pressuring bullion.

Oil prices could climb above $90 per barrel should the shipping disruptions through the Strait of Hormuz due to ongoing fighting in the Middle East be prolonged, according to analysts at UBS.

On Friday, crude prices were on track to notch hefty weekly gains, as traders remain worried that the conflict between Iran and joint U.S.-Israeli forces will close off the vital Strait of Hormuz waterway, through which roughly 20% of the world’s oil supply passes.