Oil markets face a higher risk of a sharp price increase as renewed fighting associated with Iran returns, according to Bloomberg and the Financial Post. Both outlets say the initial phase of the Iran-related conflict has not yet triggered an extreme supply squeeze. However, they highlight that the global market’s spare capacity and other supply “buffers” are currently strained, leaving less room to absorb disruptions without significant price pressure. The articles frame the current situation as a shift from an initial period of relative stability to one in which the likelihood of a spike increases, largely because diminished buffers mean any additional disruption can translate more quickly into higher prices. Overall, the reporting emphasizes the state of inventories and spare supply capacity as key factors influencing how markets respond to renewed conflict. With less cushion available, even incremental disruptions are described as more capable of driving volatility. The two sources broadly align in their assessment that renewed hostilities increase upside price risk, even though the earliest stage of the conflict has not produced the most severe outcomes.