The U.S. and Israel attacked Iran, killing its supreme leader and launching a regional war as Iran and its proxies retaliated against its neighbors, but crude oil prices spiked by only a relatively muted 6% on March 2.
With the Strait of Hormuz—the world’s biggest choke point for oil and gas flows—essentially shut down because of the violence, prices could surge much higher if oil flows haven’t resumed by the end of the week or shortly thereafter, energy analysts said.
