Talk of an immediate Israeli attack on Iran's nuclear sites were diffused this week, after Benjamin Netanyahu's visit with President Obama and Prime Minister Harper.
Reportedly, both North American leaders urged the Israeli Prime Minister to give diplomacy a chance.
"We're now hearing noises about [Iran] returning to the negotiating table, that it is deeply in everybody's interests, the United States', Israel's, and the world's, to see if this can be resolved in a peaceful fashion," Obama said in a press conference Tuesday warning against an ill-timed military strike against Iran.
"There are consequences for Israel if this happens prematurely, there are consequences for the US as well."
There would also be consequences for Canada.
If Israel were to attack Iran, Canadians should brace for a painful impact.
Gas prices would soar:
According to ABC News, about 20 percent of the oil traded worldwide passes through the Persian Gulf, bordered by Iran, Iraq, Kuwait, Saudi Arabia and the Gulf states.
If Israel were to bomb Iran, and there was to be a pro-longed battle, some analysts are projecting oil prices could hit $175 - $200 a barrel.
Former Liberal MP Dan McTeague, who now operates Tomorrowsgaspricetoday.com, doesn't expect an immediate attack on Iran, especially in light of President Obama's recent comments.
But in the "unlikely event" there is a war, McTeague says, "the sky is the limit."
"Remember [oil prices] doubled in 1991...last time during the Gulf War," he told Yahoo! Canada News on Tuesday.
Canada enters the war:
An Israeli attack on Iran will inevitably lead to a retaliation.
The anecdotal evidence tells us that Canada would come to the defence of its ally. Both Stephen Harper and Foreign Affairs Minister John Baird have publicly touted their unconditional support for the Jewish state.
"There is no better friend to Israel than Canada," Baird said in speech in January.
"We shall always be there for you, and in front of you."
Also, last November, the National Post reported Canada and Israel were about to sign-off on a number of defence co-operation agreements that would "significantly tighten military bonds"
The agreements cover a range of areas, including intelligence sharing, joint research and development and military exchange programs.
One of the agreements, noted the article "could oblige Canada to come to Israel's defence should the latter be attacked."
High terror alert levels:
An Israeli attack against Iran would likely spur a new wave of terrorism directed by Tehran.
"If we, the United States, we're bombing Iran, then I think they'd certainly want to try to do something on our homeland because we were bombing their homeland," former White House counter-terrorism official Richard Clarke told ABC News.
Does that mean they would attack Canada or Canadian consulates abroad?
At the very least you can expect high terror alert levels in both Canada and the United States.
For Canadians, that would mean longer border line-ups and security delays at our airports.