The recent increase in crude prices and energy stocks is all about Israel and Iran. But oil is still well below highs for the year.

It is estimated that "if you were to see a sustained 1 million barrels per day drop in Iranian production, that you would see a peak boost to oil prices next year of around $20 per barrel," Daan Struyven, Goldman Sachs' co-head of global commodities research, told CNBC's "Squawk Box Asia" on Friday.

The president was asked about a potential strike on the oil infrastructure of Iran, which accounts for about 2 percent of the world’s supply.