Mideast conflict impacts oil prices worldwide

Not because Israel or Lebanon has oil, but because Iran, the world’s fourth-largest producer, supports Hezbollah’s battle against Israel.

“This is also a proxy war between Israel and Iran to some extent,” says Daniel Yergin, CNBC’s global energy analyst, “and it’s a demonstration of what could happen if sanctions or a confrontation with Iran over its nuclear program gets worse. This demonstrates the kind of trouble that Iran can cause.”

MSNBC