Rystad researchers conclude there is a lower probability of the conflict escalating into a full-blown war and causing a huge spike in prices. But a potential blockage of the Strait of Hormuz by Iran remains the most important market-moving event to watch for.

The dramatic escalation in tensions between Israel and Iran caused a spike in the price of crude and raised fears among oil traders about disruption to shipping in the Strait of Hormuz, one of the world’s most vital waterways.

The CEOs of Baker Hughes (BKR) and Australia-based Woodside Energy, two of the largest energy companies in the world, said they couldn’t make firm predictions on oil prices amid the rising conflict between Iran and Israel,

Oil prices were stable on Monday after Iran's oil production infrastructure was excluded from intensification of military conflict with Israel, while the Strait of Hormuz remains open

NATS OF SIREN AS THE CONFLICT BETWEEN ISRAEL AND IRAN INTENSIFIES ... NATS OF GAS NOZZLE EXPERTS SAY AMERICANS COULD FEEL IT AT THE PUMP. AN ANALYST FOR GAS BUDDY PREDICTS -- PRICES COULD RISE MORE THAN 30 CENTS A GALLON BY JULY FOURTH.

About 21mn barrels of oil from Iran, Iraq, Kuwait, Saudi Arabia, Qatar and the United Arab Emirates pass daily through the narrow waterway separating the Islamic republic from the Gulf states, representing about one-third of the world’s seaborne oil supplies.

Oil futures were giving back a small slice of the Friday rally sparked by Israel's strike on Iran and resulting fears the conflict could threaten crude flows out of the Middle East. Those fears have l

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.

Oil prices leaped, and stocks slumped on worries that escalating violence following Israel’s attack on Iranian nuclear and military targets could damage the flow of crude around the world, along with the global economy.

That sent the yield on the 10-year Treasury up to 4.43% from 4.36% late Thursday. Higher yields can tug down on prices for stocks and other investments, while making it more expensive for U.S. companies and households to borrow money.