Gulf crude producers are positioned to benefit from sanctions and a threatened oil embargo against Iran - if calm can be maintained - as Saudi Arabia considers increasing production to cover lost supply.
The EU's embargo of oil imports, which goes into effect on July 1, has renewed a rise in oil prices that was briefly halted on fears over the global economic crisis.
Brinksmanship over Iran's threat to close the Strait of Hormuz sparked a rally in oil prices at the end of last year, with sabre-rattling by Iran and the US sending the price of Brent crude futures to highs of US$111.11 per barrel.
Political risk is likely to be factored into crude prices for much of the foreseeable future, said Ole Hansen, the senior commodity strategist at Saxo Bank.
"Over the coming days and weeks, however the market will be nervously awaiting the next move from Iran, and in the unlikely event it leads to a military conflict, the price of oil has the potential of spiking higher by anything between 20 and 40 dollars depending on the impact on free passage through the Strait," he said.
The International Energy Agency estimates oil production in Iran, the Middle East's second-biggest oil producer, accounts for 5.7 per cent of the world total.
Saudi Arabia's oil minister told CNN last week that the kingdom was willing to increase production to cover the shortfall from Iran, prompting a rebuke from Iran's foreign minister.
Assuming the Strait of Hormuz remains open, the Gulf states could reap a windfall from additional oil revenues, said Gary Dugan, the chief investment officer at Emirates NBD Private Banking.
"With the Iran situation at the moment … there's the opportunity for the GCC to do well out of that," he said.
"You could say that the Iran embargo could create other problems, but in terms of oil production that would be a positive."