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Commodities

Oil Market's Glut Narrative Just Blew Up

Oilprice.com · 1h ago · 🇺🇸 United States

Oil Market's Glut Narrative Just Blew Up

Less than a month ago, analysts were warning of a looming glut of crude oil as tanker traffic via the Strait of Hormuz began to recover amid a U.S.-Iran ceasefire. Within days of these warnings, the ceasefire was a painful memory, missiles were flying again, and now Yemen’s Houthis are striking tankers in the Red Sea, which makes two blocked oil chokepoints and a very real danger of a global recession. Brent crude this week topped $100 per barrel on reports that the Houthis had struck two Saudi tankers in the Bab el-Mandeb Strait, which Saudi…

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