The latest escalation in tensions in Iran has paved the way for the return of risk premiums on oil prices once again.

A further escalation in Iranian-Israeli tensions could take oil prices above $80 and would mean more upside for the dollar.

The Israeli shekel suffered widespread selling on Friday along with some government bonds and equity markets across the Middle East after Israel launched missile strikes against Iran.

Although the U.S. is a net oil exporter, higher oil prices could increase inflation and lower economic growth.

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Iran has been battling an acute energy crisis for months because of gas shortages, and repairing any damage would both be costly and take significant time.