The Israeli attack on Iranian war targets has already started to move the markets, and oil is one of the commodities that is likely to suffer immediate effects.

Analysts familiar with market fluctuations in the face of extraordinary events expect oil prices to soar.

"The Israeli attack on Iran's nuclear facilities sent oil prices soaring and offered the oversold and undervalued dollar a catalyst for a recovery," said Francesco Pesole, a currency strategist at ING.

Although there are currently no confirmed disruptions in oil production, analysts warn that the situation could worsen rapidly.

"The main difference with previous standoffs is that nuclear facilities have now been targeted," Pesole added.

Warren Patterson, Head of Commodities Research at ING, noted: "In a scenario that sees continued escalation, there is the potential for disruption to shipping through the Strait of Hormuz. Almost a third of global maritime oil trade passes through that route."

The Commissioner warned that up to 14 million barrels a day could be at risk, with oil potentially rising to 120 dollars a barrel in the event of a prolonged interruption - levels not seen since 2008.