Since the start of the conflict in Iran, Intercontinental Exchange Inc. has significantly increased the trading margins for its Brent crude and European diesel futures contracts, effectively more than doubling costs for traders. The margin for the nearest Brent futures contract has risen to just over $11,000, while the margin for the nearest ICE gasoil (diesel) contract has surged to nearly $21,000. This surge in trading costs comes as global oil markets face one of the worst supply disruptions in history, particularly affecting shipments through the critical Strait of Hormuz. Brent crude prices have soared since the conflict began, at times nearing $120 a barrel, although they have since eased following a fragile ceasefire agreement. The heightened volatility has led to several investors reducing their activity in oil futures, influenced by inconsistent messaging from U.S. President Trump. Historical context shows that during the 2022 Russian invasion of Ukraine, both ICE and CME Group Inc. had to raise margins repeatedly to manage volatility. If the Iran conflict persists, further increases in trading margins could be anticipated.