Crude prices remain closer to their prewar levels than their mid-war highs despite renewed Mideast hostilities and the market's continued need to lean on numerous cushions.

With Brent crude reaching its highest price since June, how are investors reacting to the escalating conflict in the Middle East?

The oil market has far fewer buffers than earlier this year, with strategic reserves, commercial inventories, and China's stockpiles significantly depleted after cushioning…