U.S. and global benchmark oil prices have seen their share of big moves since Israel launched attacks on Iran late last week, but there’s one indicator that helps investors put into perspective just how serious the situation is — and can become.

Oil prices climbed on Tuesday as the Iran-Israel conflict raged with no end in sight, though major oil and gas infrastructure and flows have so far been spared from substantial impact.

The initial round of Israeli attacks sent oil prices 7 percent higher on Friday. Still, at about $74 a barrel, Brent crude remains below the $80 average for 2024, the Deutsche Bank analysts wrote. The market continued to waver, though, and by Monday, oil prices had fallen about 3 percent.