​The U.S. dollar jumped on Monday ⁠as soaring oil prices sent investors scrambling for cash on worries that a protracted Middle East war could severely disrupt energy supplies and hurt ‌global growth.

The euro and sterling were left trading 0.5% and 0.6% lower against the dollar,respectively. The Aussie and even the safe-haven Swiss franc fell around 0.3% to 0.4%.

"The dollar is ​clearly benefitting as being relatively insulated from a lot of these Middle East risks and also picking up its usual haven trade," said Nick Rees, head of macro research at Monex ​Europe.

Stocks, ​bonds and precious metals slid on Monday as investors, spooked by the impact of surging oil prices on global inflation and economic growth, turned risk-averse and cashed in on some of their most profitable trades.

"The longer this goes on, the more exponential the damage becomes in a ⁠domino effect," said Michael Every, senior global strategist at Rabobank.

"If we are still in the same position this time next week, things could be quite terrifying."

The U.S. dollar pared some gains in the Asian afternoon on a Financial Times report that the G7 finance ministers will discuss on Monday a joint release of oil from emergency reserves coordinated by the International Energy Agency.

The report sent oil prices retreating slightly after they earlier spiked to just shy of $120 per ​barrel. Brent crude was last up ‌13% at $104.60 a ⁠barrel, after earlier surging more than ⁠25%.

TRADERS WEIGH EXPOSURE TO ENERGY SHOCK

The euro was down 0.5% at $1.1559, having slid to a 3-1/2-month low earlier in the session, while sterling dropped 0.64% to $1.3338.

Against the Swiss ​franc, the dollar was up 0.39% at 0.7787. The Australian dollar pared earlier losses to trade 0.25% lower.

Analysts have ‌said Asia could bear the brunt of the energy price shock, due to the region's heavy ⁠reliance on oil and gas from the Middle East, whileBritain and the euro zone are also heavily exposed.

The dollar was close to the 159 yen level in Asia, rising 0.37% to 158.41.

"The real question is how high and how long prices stay elevated, because that's what will ultimately determine the economic fallout," said Deepali Bhargava, regional head of research for Asia-Pacific at ING.

"A prolonged conflict, coupled with continued currency weakness, would feed more directly into inflation pressures across the region."

Iran on Monday named Mojtaba Khamenei to succeed his father as supreme leader, signaling that hardliners remain firmly in charge in Tehran a week into the war.

The conflict has already led to the suspension of around one fifth of global crude and natural gas supplies, as Tehran targets ships in the vital Strait of Hormuz between its shores and Oman, and attacks energy infrastructure across the region.

Qatar's energy minister told the Financial Times on ‌Friday he expects all Gulf energy producers to shut down exports within weeks, a move he said ⁠could drive oil to $150 a barrel.

Surprisingly weak U.S. jobs data on Friday briefly stalled dollar gains ​and raised expectations for U.S. rate cuts, but that faded by Monday.

Traders were last betting on around 35 basis points worth of Federal Reserve easing by the end of the year, having priced in more than 55 basis points in late February.

"Ultimately, the dynamic will likely delay any move from the Fed because policymakers will want ​time to review the ‌impacts of any oil shock and how it influences the data," said Kyle Rodda, senior financial market analyst at Capital.com.

(Reporting ⁠by Tom Westbrook in Singapore, Jiaxing Li in Hong Kong ​and Harry Robertson in London; Additional reporting by Rae Wee in Singapore; Editing by Kevin Buckland, Thomas Derpinghaus and Pooja Desai)