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We're already seeing the economic fallout. Oil prices are spiking after the U.S.-Israeli strikes on Iran and Iran's retaliation in the Strait of Hormuz
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U.S. crude jumped roughly 12 percent in early trading Sunday night. Brent crude oil surged even more, up by 14 percent, pushing prices near $80 a barrel
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That's an $8 move in a matter of hours. Stock futures are lower this morning ahead of the opening bell
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Dow futures are down more than 500 points. S&P and Nasdaq futures are both off by about 1%
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The flashpoint right now is the Strait of Hormuz, the narrow waterway that carries more than 20% of the world's oil supply
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Missiles and explosives have struck at least two vessels near the strait
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Shipping firms are now diverting tankers. Dozens of ships are anchored outside the passage rather than risk entering
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And overnight, the conflict widened. Saudi Arabia says an Iranian drone struck an oil storage facility at the Ras Tanoor refinery
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one of the kingdom's major export hubs. Operations were halted as a precaution after a small fire broke out
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Officials say the fire was brought under control. Iran has warned ships not to pass through the strait
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If traffic slows or stops, energy ysts say prices could rise quickly
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and that would show up at American gas stations within days. Every dollar move in crude typically adds about two and a half cents to a gallon of gasoline
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At current levels, that could mean a 20-cent jump if this holds
