BARREL BOTTLENECKS
10/29/2026 |
Despite a near return to pre-Iran War Middle-East oil exports, crude prices are up 20% of late and near their April peak for multiple reasons. A return to fighting is a distinct possibility, and global oil reserves are way down, making supply disruptions more consequential. China is ramping up purchases, boosting demand. Finally, transportation costs are rising due to crude transit complexity, and everything is exacerbated by increased spot purchases.