While the odds are not viewed as high, analysts say they are concerned Syria or its allies could disrupt supplies if they successfully hit oil facilities in the Middle East, such as in Iraq, where a northern pipeline to Turkey is already frequently attacked.
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Some stock traders were less concerned about the possible strike on Syria Wednesday than they were earlier in the week when U.S. Secretary of State John Kerry said the U.S. believes Syria used chemical weapons on its people and there must be accountability. "If this happens, it's from the sea. This is going to be like a surgical strike, and they've already given them notice," said one trader. "They'll bomb something and move out."
The Treasury auctions $29 billion in 7-year notes at 1 p.m. Thursday, after an auction of 5-year notes saw relatively weak demand Wednesday.
"The 7-year auction should go okay," said David Ader, chief Treasury strategist at CRT Capital. "It's the end of the month. You could see people coming in to buy a little bit…It's also the end of the summer, a long weekend. It's an unusual month and it could have an exaggerated impact." The Labor Day holiday is Monday so traders will be careful to position themselves going into the long weekend.
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Ader said the market will be watching Bullard and Lacker as it has been watching Fed speakers for the past several months for any clues on the Fed's decision to taper its bond buying program. The Fed meets Sept. 17, and Fed followers are split on whether the Fed will view economic data as strong enough to start pulling back from the program.
The tensions around Syria could also be a positive for the bond market, driving a flight-to-safety trade.
"On the margin, it could encourage buying. At the very least, it's going to discourage selling," he said.
—By CNBC's Patti Domm. Follow here on Twitter