How would the Markets react to an Israeli strike on Iran?

[mahram]

ok sam what if isreal doesnt strike. But the UN for some reason finally gets their act together and put up sanctions. According to AP report that could raise oil to over 100 dollars a barrel. Would an attack be worse or better then sanctions?
http://biz.yahoo.com/ap/060122/iran_nuclear_the_oil_weapon.html?.v=4

Quote from Sam123:

Well, it’s not just Kuwait. They all suddenly doubled their reserve figures in the late 80s because of OPEC exporting based on reserve quotas. So Venezuela and Iran’s figures are inflated as well. The relative difference in reserves between nations is probably more accurate than the actual numbers themselves.

Still, if Iraq has a third of what Saddam quoted, it can allow Western powers time to evolve their energy policies away from the dependency on Islamist and Communist regimes.