If the Iranian leadership believes its survival is at stake, it could attack Gulf energy infrastructure and oil tanker traffic, analysts say.

If the Iranian leadership believes its survival is at stake, it could attack Gulf energy infrastructure and oil tanker traffic, analysts say.

Iran's military capabilities, potential retaliation against the US, and impact on global oil supplies and nuclear program are discussed.

The reaction in Middle East stock markets suggested investors were assuming a benign scenario, even as Iran intensified its missile attacks on Israel.

Based on the closing price of Brent crude on Friday, a 10% jump would send the global oil benchmark to nearly $85 per barrel.

Oil markets are entering a new phase of uncertainty after the U.S. entered the war between Iran and Israel, said industry watchers.

Already up 15% over the last two weeks, prices for the Brent crude oil international benchmark could soar to its highest level in years if Iran blocks a key oil chokepoint.