June should erase May's surplus, but the second half of the year is fraught with daunting oversupply now that Opec-plus is upping production.

The reaction in Middle East stock markets suggested investors were assuming a benign scenario, even as Iran intensified its missile attacks on Israel.

Based on the closing price of Brent crude on Friday, a 10% jump would send the global oil benchmark to nearly $85 per barrel.

Oil markets are reacting to the impact of a U.S. decision to directly enter the Iran-Israel conflict.

Oil markets are entering a new phase of uncertainty after the U.S. entered the war between Iran and Israel, said industry watchers.

Escalating Israel-Iran conflict could disrupt oil trade and shake markets, analysts say.

June should erase May's surplus, but the second half of the year is fraught with daunting oversupply now that Opec-plus is upping production.

Investors are unconcerned about major oil disruptions, reasoning that Iran is unlikely to close the Strait of Hormuz and harm its own economy.

The crude price collapsed after the US bombed Iran, underscoring the limits of event-driven price moves amid demand uncertainty and a coming wall of supply.