Global markets have remained relatively calm amid the escalating tensions between Israel and Iran. But that sentiment could quickly shift, according to experts, if the conflict affects the Strait of Hormuz.

Some energy facilities have been hit in both Israel and Iran in recent days, although major oil and gas infrastructure and flows have so far been spared.

The initial round of Israeli attacks sent oil prices 7 percent higher on Friday. Still, at about $74 a barrel, Brent crude remains below the $80 average for 2024, the Deutsche Bank analysts wrote. The market continued to waver, though, and by Monday, oil prices had fallen about 3 percent.

Fears of war in the Middle East could bring continued increases to energy costs and send prices at the pump higher. What happens next between Iran and Israel could have a big effect on the global

Crude prices bounced as news of fresh attacks rolled in, including another wave of Iranian missiles launched at Israel and more Israeli strikes on Iran.

Oil prices retreat after last week's surge, but the Israel-Iran conflict keeps markets on edge. Tensions remain high as risks to global supply persist.

Oil prices climbed on Tuesday as the Iran-Israel conflict raged with no end in sight, though major oil and gas infrastructure and flows have so far been spared from substantial impact.

Israel expanded its attacks on Iran on Monday, striking and setting fire to the headquarters of state television while anchors were broadcasting live on air, as the fiercest and d