Oil prices could shoot up $20 per barrel if Iranian production sees a hit resulting from Israeli retaliation, said Goldman Sachs. Iran, which is a member of OPEC, is a key player in the global oil market.

The recent increase in crude prices and energy stocks is all about Israel and Iran. But oil is still well below highs for the year.

The president was asked about a potential strike on the oil infrastructure of Iran, which accounts for about 2 percent of the world’s supply.