Iran Conflict Squeezes Oil Markets as Prices Soar

Oil prices surged as tensions between Iran and the United States continued to escalate. Brent crude was trading at $95.55 per barrel, while West Texas Intermediate was changing hands for $91.53 per barrel.

The war in the Middle East has kept oil markets on edge, with both sides trading missile strikes this week. Israel's defense minister warned of 'crippling' Iran's infrastructure, including energy facilities.

Analysts at ANZ noted that the market is entering a 'delicate adaptation phase,' where elevated inventories initially absorbed the supply crisis but are now diminishing.