LONDON, June 2 (Reuters) - The oil market is underpricing some risks in the midst of the Iran war, global commodity trading house Vitol's managing director for Bahrain, Tom Baker, said on Tuesday.

Iran's effective closure of the Strait of Hormuz, and attacks on energy infrastructure including oilfields and refineries, have taken around 14 million barrels of Middle East supply offline, causing the largest oil supply crisis in history.

Oil prices spiked as high as $126 per barrel in the wake of the crisis but have since dropped off to around $95 as of Tuesday.

"Crude can come back online, but from a product perspective, it might be very hard for the system to catch up for the rest of the year," Baker said at the S&P Global Energy Middle East Petroleum and Gas Conference in London.