Publier

The key oil signal is the gap between Brent near $108 and Dated Brent around $122: physical supply deserves more attention than the headline benchmark. With Yanbu loadings paused and Saudi bypass capacity under pressure, my read is that sustained disruption would make this more than a geopolitical premium. It could complicate the inflation outlook even without a further oil rally. #MidEastRiskDrivesOilUp