The world is more resilient and energy-efficient than in the 1970s, yet broader structural vulnerabilities persist and could hit Asia hard.

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

Escalating Israel-Iran conflict could disrupt oil trade and shake markets, analysts say.

About 20 million barrels of oil a day flow through the Strait of Hormuz, or the equivalent of 20% of global petroleum liquids consumption.

Investors are unconcerned about major oil disruptions, reasoning that Iran is unlikely to close the Strait of Hormuz and harm its own economy.

The world is more resilient and energy-efficient than in the 1970s, yet broader structural vulnerabilities persist and could hit Asia hard.