Iran's strikes on Qatar and Iraq have sent oil prices tumbling. 

Crude prices fell about 6% following the news. 

Analysts have been warning of steep rises if Iran retaliates against Sunday's US strikes, by targeting oil infrastructure and closing the Strait of Hormuz. 

AA Principal Policy Advisor Terry Collins told Ryan Bridge that the talk of potentially doubling the price of oil per barrel is overblown. 

He said if it did happen, it would be a short-term spike as alternative shipping routes were established.  

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