What does the widening military conflict in Iran mean for oil prices? Here's what the experts say.

The U.S. military strikes in Iran are raising questions about the impact on the oil and gas industry, including whether the widening conflict could result in higher energy prices for Americans. 

Oil prices jumped 4% on Sunday night shortly after the start of trading, but retreated as experts speculated that Iran is unlikely to close the Strait of Hormuz, a major commercial waterway that the country partly controls and that is strategically vital for the flow of crude into global markets. 

Still, the geopolitical crisis is sparking concerns that worsening hostilities could squeeze the world's supply of oil, which would likely drive up gas and other energy costs, as well for other products refined from crude. Iran said Monday that it launched an attack on the U.S. Al Udeid Air Base in Qatar, with witnesses telling multiple news agencies that they saw what appeared to be missiles over the country.