ATF Fuels says supply is not an issue but price volatility is already in evidence on some garage forecourts.
Iran's response to joint attacks from Israel and the US one week ago was to widen the conflict to inflict economic damage.
It has used drones to hit oil and gas infrastructure across the Gulf.
It also claims to control the Strait of Hormuz, the shipping channel used by a vast number of oil and gas supertankers.
They are at anchor and this squeeze on supply, and the uncertainty around how long it could last, is what is forcing up crude oil prices.
ATF Fuels, which operates in Guernsey and Jersey, says unlike other distributors it imports fuel almost daily, which means it is already affected by the market price rise.
However, it says this type of supply chain means it can also drop prices overnight when the markets settle.
The message from ATF Fuels is that it has ample supplies and does not see this as an issue.
Its message to drivers, boatowners and householders with oil central heating, is not to panic buy.
Both Guernsey and Jersey Electricity import the vast majority of their power from the cable to France and the European grid.
A spokesperson for Guernsey Electricity says they say buy ahead which enables the companies to get favourable rates and cushion customers from world events, like the Ian conflict and the Ukraine war:
"When we purchase electricity from Europe, we aim to do so at a favourable and stable price with our forward price hedging arrangements.
"This helps to mitigate against price volatility in wholesale energy markets and to ultimately smooth out the immediate impact on electricity tariffs locally."
Island Energy says it is watching the highly unstable global gas market and says if recent dramatic price rises continue then it will 'reluctantly' look at tariffs.
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