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

Oil prices surged, stocks dropped and investors flocked to safe havens like gold on Friday after tensions between Israel and Iran escalated, stoking concerns of a broader conflict in the region.

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

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

Only a more severe damage to energy infrastructure or disruption of transit through the Strait of Hormuz, a key route for tanker traffic, would produce a lasting rise in energy prices.

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Israel’s sudden attack on Iran has threatened to disrupt oil supplies in the Middle East, placing the Opec+ cartel’s recent decision to increase crude production into the spotlight. The Saudi Arabia-led producer group has surprised the oil market this year by fast-tracking the return of idled production even as crude prices fell.