Markets Brace for Middle East Oil Supply Shock

The oil market is on edge after tensions between Israel and Iran flared up this week. Fears of an all-out war and an actual disruption to oil supply from the Middle East intensified, pushing oil prices higher. As the world awaits the Israeli response to the Iranian missile attack on Israel early this week, reports suggest that Israel could target some of Iran's energy and oil infrastructure. Unlike in similar geopolitical flare-ups in the recent past, oil prices remained relatively muted for the year after Hamas's attack on Israel in October 2023,...