The front-month U.S. crude oil futures have hit their highest-ever premium over the second-month contract due to U.K. President Donald Trump's promise to continue attacking Iran. This move has led to a surge in demand for crude oil. The widening backwardation suggests investors perceive short supplies. The U.N. situation is exacerbated by the ongoing conflict between the U.E. and Israel's war on Iran, which has removed millions of barrels per day from the global market, causing energy prices to reach multi-digit highs and fuel shortages.