Oil shock from Iran war raises inflation concerns, but Goldman Sachs sees minimal impact on global supply chains outside energy sector.

U.S. gas prices are surging as the Iran war drives up the global cost of oil. But what exactly accounts for what you pay at the pump?

March 17 (Reuters) - Oil prices rose more than 2% in early trade on Tuesday, reversing some of the previous session's losses, on worries about supply with the Strait of Hormuz mostly shut and U.S. allies rebuffing calls to send warships to help tankers move through the vital waterway.

Exports of oil from Kharg Island, the energy-infrastructure hub that was bombarded by the U.S., resumed Sunday after a two-day interruption, data from vessel-tracking firm Kpler shows. Some 3.8 million barrels of oil had been shipped from the island on Sunday and Monday,

In the short term, rising oil prices have pushed bond yields and the dollar higher, which has created pressure on gold.

Disrupted energy markets will probably not lead to a major downturn in U.S. stocks, according to Sam Stovall at CFRA Research.

Stocks are set to start Monday’s trading session higher as oil has started to decline following reaching $100 earlier. S&P 500 futures climbed 0.5% to 6672, while Dow Jones futures advanced 0.3% to 46746,

As the broader war in the Middle East begins its third week, worries over the fallout of crippled energy supplies continue to roil markets.

Investors have rushed to cash in on the 50% rise in oil prices in the past month. There is also a growing trade in the other direction.

If you need any further evidence of the wisdom of holding some energy stocks in your 401(k) and other retirement accounts, look at Berkshire Hathaway.