The Globe and Mail reports in its Wednesday edition that Israel's attack on Iran is lifting the prospects for energy stocks. The Globe's David Berman writes that the price of crude oil rallied 4.7 per cent Tuesday, to $73.52 (U.S.) a barrel -- the highest price for U.S. crude since January. Iran's oil exports account for less than 2 per cent of global demand, and are largely shipped to China, while globally there is excess capacity. The conflict could even lead to lower oil prices over the longer term if, say, there is a regime change in Iran or the regime strikes a quick deal with the United States to end its nuclear ambitions. However, the conflict persists and the United States appears to be taking a more active role with Israel. On Tuesday, two oil tankers collided and caught fire near the Strait of Hormuz, raising concerns that electronic interference in the region is affecting the navigation systems that ships rely upon. On Monday Citigroup analyst Max Layton said, "At this stage, there is very limited to no impact on oil output and exports, so [Friday's] rally largely reflects a rising risk premium to account for potential production and export disruptions."