Spot oil markets stirred this week, but look poised for a bigger breakout if the Strait of Hormuz remains effectively closed.

With the Mideast conflict again turning kinetic, markets will have to manage without the inventory cushion that helped weather the initial supply squeeze.

Spot oil markets stirred this week, but look poised for a bigger breakout if the Strait of Hormuz remains effectively closed.

Dark transits, shuttle tankers and selective risk-taking suggest Mideast Gulf crude is still moving despite recent crossfire — but by a very different rulebook.