US Crude Futures Hit Record Premium Amid Iran Conflict

Front-month crude oil futures in the United States reached an unprecedented premium over second-month contracts on Thursday. This surge comes as market participants react to statements from the White House regarding escalated military actions against Iran.

The market is currently experiencing extreme backwardation, a condition where immediate delivery prices far exceed those for future delivery. West Texas Oil futures for May delivery were trading approximately $15.70 per barrel higher than the June contract during the session, signaling a perceived acute shortage in the near-term supply chain.