What will Israel's airstrike on Iran do to oil price?

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Crude oil futures drifted lower Wednesday after sliding more than 4% the previous day.

The rally spurred by the risk of a wider Middle East war has stalled out amid uncertainty over how Israel will retaliate against Iran for last week's ballistic missile strike. Chinese policymakers' failure to deliver new economic stimulus measures at a press briefing this week also held energy prices in check.

Though prices are falling, Goldman Sachs sees global benchmark Brent jumping by $10 to $20 per barrel if an Israeli strike disrupts Iranian crude oil production, according to a Tuesday research note.