Brent crude futures surged nearly 4%, nearing $88 a barrel, indicating a significant weekly gain. This rise is linked to reports of the US deploying additional aerial assets to the region, suggesting potential expanded strikes on Iran. Energy traders are concerned about a severe supply crunch due to dwindling tanker traffic through the Strait of Hormuz. Emergency oil reserves and global stockpiles, which previously buffered disruptions, have been largely depleted. Traders explicitly stated that all available buffers have been exhausted. Fuel markets have strengthened considerably, with record highs in some fuel cracks. The International Energy Agency confirmed member countries have released three-quarters of planned emergency reserves. Leading energy analysts noted a significant reduction in excess global oil inventories compared to the start of the conflict. Market complacency regarding Strait of Hormuz flows is being severely tested as traffic levels decline. The conflict is escalating with Iran reportedly targeting utility infrastructure, while US-allied nations are initiating an "energy rewiring" to bypass the Strait of Hormuz.