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

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 reacting to the impact of a U.S. decision to directly enter the Iran-Israel conflict.

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