A resolution of the Mideast conflict could return the market to surplus conditions, while a prolonged disruption would eventually lead to demand destruction.

US assertions that a peace deal is imminent and growing evidence of oil market resilience to the Mideast supply shock are exerting downward pressure on prices.

Global oil inventories are being depleted at a record pace, as governments draw down strategic reserves and stored crude to offset lost supply, while U.S. fuel stocks have fallen…

The market's surprising resiliency to lost Mideast supplies has delayed the dire impacts initially seen hitting in June — but has also allowed the conflict to fester.

A resolution of the Mideast conflict could return the market to surplus conditions, while a prolonged disruption would eventually lead to demand destruction.