Crude oil prices jumped — but didn't head for the stratosphere — as trading markets opened for the first time since the U.S. attack on Iranian nuclear facilities.
Why it matters: It shows elevated risk of the conflict crimping oil flows in the region, something that has not yet occurred.
Iran's parliament has endorsed closing the Strait of Hormuz, a vital oil transit point off its coast, but analysts are skeptical about the threat from a body without authority to close the strait.
Why it matters: Impeding the strait would likely bring a massive spike in oil prices that would flow through to U.S. consumers.
