Oil prices rise following attacks in the Middle East

(NBC, KYMA) - Oil prices were up sharply as market trading started Sunday while military action around the Persian Gulf reverberates through the supply chain.

Traders are betting the supply coming from Iran and elsewhere in the Middle East will slow down or stop after the U.S. and Israeli military began hammering Iran with missile strikes over the weekend.

The attacks and retaliation throughout the region have restricted the ability to export oil to the rest of the world, most notably on two vessels traveling through the Strait of Hormuz.

That's the world's most important potential choke-point; an estimated 20% of the world's oil is shipped through the strait, which is the narrow mouth of the Persian Gulf, at a rate of 15 million barrels per day.

Energy experts say prolonged attacks will likely lead to higher prices for crude oil and gasoline.

American oil is trading 8% higher compared to Friday's close, and eight OPEC countries said Sunday they would boost production to help stabilize the market.