The oil market is in the middle of its strongest start to a year since 2022 as supply shocks and sanctions confound expectations of a glut. Now traders are racing to cover themselves against the prospect of the US bombing Iran again.
A surge in activity across futures and options markets is already pulling up crude prices — Brent futures touched a seven-month high of more than $72 a barrel on Friday, and some analysts see a risk premium of as much as $10.
