Crude oil futures will begin trading at 6 p.m. Eastern time on Sunday, providing an early look at the market’s reaction to the U.S. strikes.

The biggest question facing global energy markets is whether Iran will respond to the U.S. bombing of its nuclear facilities by disrupting the flow of oil and natural gas in the Persian Gulf region.

The economic toll would be steep, including for Iran. That is because a large portion of the world’s oil and liquefied natural gas, or L.N.G., passes through the Strait of Hormuz, a waterway that hugs a portion of Iran’s southern border.

Any attempt to close the strait, which connects the Persian Gulf to the Gulf of Oman, would most likely send oil prices soaring. It would also inflict severe economic damage in Iran because nearly all of the country’s oil exports move through the channel.

The market’s early reaction to the U.S. bombing of three

Keep reading this article on The New York Times Energy & Environment.