Global oil markets show fresh signs of strain after months of war, as conflict-weary traders and anxious buyers huddle in Singapore for the Asia Pacific Petroleum Conference. Brent crude threatens to spike above $100 a barrel, while fresh vessel attacks in the Strait of Hormuz jeopardize recovery in flows. Diesel faces extreme tightness, and the outlook for Chinese demand remains murky.

Crude markets have been stress-tested by Middle East hostilities and the Russia-Ukraine conflict. With inventories drawn down and winter approaching in the Northern Hemisphere, inflation concerns are rising. Headline speakers include Russell Hardy of Vitol Group and representatives from Middle Eastern producers.

Singapore serves as the region's principal crude-trading hub and a major center for refining and logistics. Import-reliant Asian economies sit at the heart of the unfolding energy-market stress. While international traders enjoy fat profits, the situation has been challenging for buyers, especially in Asia.

Delegates will address a market still in flux, with greater volumes of crude covertly ferried through Hormuz under US protection. This year may redefine oil-market pricing and relationships between key producers and consumers. The United Arab Emirates quit the OPEC cartel, and Abu Dhabi National Oil Co. implemented a new pricing methodology.

China's appetite for oil will be crucial to the outlook for balances and prices. Beyond plenary sessions, much of the conference's value lies in sideline sessions between producers and buyers.