Analysts with ING financial group outlined four possible avenues for Iran: full escalation that also draws in other nations such as China or Russia; disruption of the Strait of Hormuz; active or passive support for terrorist attacks in the U.S. and Europe; or taking no action at all.

If Iran moves to blockade the Strait of Hormuz, prices could spike, but analysts see that scenario as unlikely for now.

Oil prices eased off a 5-month high as expectations Iran won't close the Strait of Hormuz for now. But this may still change, they warned.