Oil prices on Friday pared earlier gains on the intensifying Iran war, falling back to around $108 a barrel, as Iran strikes Gulf energy facilities, while world shares were mixed following Wall Street losses.

Oil prices stabilized and Wall Street futures fell early Friday as Israel and Iran traded attacks in the three-week old war that has jolted global markets.

Every 1-cent increase in gasoline prices reduces consumer spending by $1.5 billion annually, one economist says.

The US took fresh steps to curb the turmoil in energy markets as Iran vowed to escalate its attacks on oil and gas infrastructure in the Middle East with the conflict stretching toward three weeks.

The United Arab Emirates early Thursday denounced Iran’s attacks targeting its Habshan gas facility and Bab field as a “dangerous escalation” as Israel and the United States escalate their war on the Islamic Republic.

Israel kept up its campaign of targeting Iran’s leaders and an Iranian offshore natural gas field was struck in a sign of the war’s mounting pressure – from both sides -- on the region's economic lifeblood: energy.

Israeli Prime Minister Benjamin Netanyahu says Iran no longer has the ability to enrich uranium or make ballistic missiles. But conflict continues to rattle the region and global energy market.

Crude oil prices would need to jump to roughly $138 a barrel amid the war on Iran and stay there for at least a few weeks to put the US at a serious risk of a recession, according to a new survey of economists released Thursday.