Oil prices have spiked approximately 15% in the last 5 days as the conflict between Israel and Iran intensifies, raising concerns about potential disruptions to global energy supplies. While Israel's military campaign against Iran is now in its fifth day, analysts suggest U.S. support may be needed for Israel to target Iran's deepest nuclear enrichment sites.

Energy forecaster Dan Pickering notes that Israel appears to be focusing on domestic fuel and power consumption targets rather than global export infrastructure. "Everybody is taking a hands-off approach to oil [exporting] infrastructure because it meaningfully complicates and escalates the situation," Pickering stated. "Israel doesn't want to do that, and I don't think Iran does either."

However, Pickering cautioned that unforeseen events like stray bombs or Iranian moves to block the Strait of Hormuz could dramatically impact world oil supplies. This could lead to higher gas prices and ripple effects across many industries dependent on energy.

"Right now, it looks like an inconvenience with a potentially temporary price spike. It could become much worse, so pay attention and cross your fingers it doesn't escalate," Pickering advised.

The situation remains highly volatile, with U.S. President Trump weighing potential military involvement and calling for Iran's "unconditional surrender". As geopolitical tensions rise, energy traders and analysts are closely monitoring developments for further impacts on global oil markets and prices.