Group 1 - Oil prices surged approximately 20% in early trading, reaching their highest levels since July 2022, driven by fears of tighter supply due to the escalating U.S.-Israeli conflict with Iran [1] - Reports indicate that Middle Eastern producers are reducing output as storage facilities are filling up quickly, contributing to the price rally [2] - The potential for Middle Eastern producers to further curtail output could sustain elevated oil prices, especially if it leads to the shutdown of oil wells, which would delay any recovery in output once the conflict subsides [3]