Morgan Stanley: War only puts pressure on the Brent oil market but does not cause it to collapse.

Morgan Stanley stated that the increasing pressure in the oil market caused by the Middle East conflict has led to a high premium in spot delivery physical crude oil prices, while the entire Brent crude market is still operating normally. Analysts including Martijn Rats stated in a report on April 7 that buyers are willing to pay a "very high premium" for Atlantic Basin crude oil that is currently safe, reliable, and available for refineries to use in the market. They stated, "This does not mean that the futures market has collapsed. It just means that different parts of the market are pricing different combinations of immediacy, tightness, and expected duration."