This week, Brent crude prices topped $100 per barrel following reports that Houthis struck two Saudi tankers in the Bab el-Mandeb Strait. Global refining margins have reached an all-time high, indicating that global fuel markets remain very tight:
Just a month ago, analysts warned of a looming glut of crude oil, but the situation changed rapidly as hostilities resumed:
This situation has led to a decrease in oil demand, which, according to IEA data, fell by nearly 5% in the second quarter:
In Europe, diesel stocks have declined, and China has also seen a drop in diesel demand:
All this indicates that global oil supplies are at risk, and economic growth forecasts may need to be revised.
