Europe faces a projected 510,000-barrel-a-day Q4 jet-fuel deficit as disrupted Middle Eastern supply forces buyers to source fuel from as far away as South Korea.
Europe is approaching winter with gas storage only 69% full against an 85% seasonal average and benchmark prices 150% above last year, exposing the limits of its post-Russia energy strategy.
Saudi Arabia has asked China to press Iran to restrain the Houthis, exposing a growing collision between Tehran’s regional leverage and the interests of its most important oil customer.
Saudi Arabia may have only five to seven days of export stocks if its damaged East-West pipeline does not restart, putting around 4% of global oil supply at risk.
An Iranian commercial vessel has been struck by a projectile in the Strait of Hormuz, killing one person and wounding at least three.
A vessel has been struck by a projectile in the Strait of Hormuz as attacks expose vulnerabilities in both the Gulf oil chokepoint and Saudi Arabia’s principal bypass.
