Over two days, July 14 -- LONDON - The cushion that kept oil markets from a violent shock during three weeks of US-Iran fighting has nearly run out. Brent crude settled at $85.92 a barrel on Tuesday, its highest mark since June 15, as analysts warned that the depletion of strategic petroleum reserves leaves the market exposed to a surge that could push the global benchmark toward $100 if physical shortages become apparent.

9.6 percent on Monday, a further 3.8 percent on Tuesday, as US and Iranian forces exchanged strikes for a third consecutive day and shipping traffic through the Strait of Hormuz held at roughly a third of prewar levels.

"Crude oil is fast losing its strategic petroleum reserve buffer, and a violent repricing up cannot...