The oil tanker 'Devon' prepares to transfer crude oil from Kharg Island oil terminal to India in the Persian Gulf, Iran, on March 23, 2018.
Oil prices could shoot up $20 per barrel if Iranian production sees a hit resulting from Israeli retaliation, according to Goldman Sachs.
U.S. crude oil prices just saw a third consecutive session of gains after Iran launched a ballistic missile attack on Israel, heightening tensions in the region.
If Israel hits Iran's oil industry, supply disruptions in the Strait of Hormuz could become of concern, other analysts echoed.
This strategically significant waterway connects crude oil producers in the Middle East with major global markets.
Persons:
Struyven, Daan Struyven, Goldman Sachs, CNBC's, Saul Kavonic, Joe Biden, Brent
Organizations:
U.S . Energy Information Administration, Oil, CNBC, White, bbl, USD150, Fitch Solutions, BMI
Locations:
Devon, India, Persian Gulf, Iran, Saudi Arabia, UAE, Israel, U.S, China, Hormuz, Strait, Oman, OPEC