Brent Nears $96 as Iran Conflict Keeps Oil Market on Edge

Crude oil prices extended their climb today and are set for a sharp weekly gain as the war in the Middle East continues with little chance of peace. At the time of writing, Brent crude was trading at $95.55 per barrel, and West Texas Intermediate was changing hands for $91.53 per barrel, as Iran and the United States traded missile strikes this week and Israel's defense minister threatened "crippling" Iran's infrastructure, both military and civilian, including energy facilities. "The market is entering a delicate adaptation phase. Elevated inventories helped absorb the initial supply crisis, but the challenge is now to keep the market balanced as those buffers diminish," ANZ analysts said in a note as quoted by Reuters.