Each convoy trip costs around $58 million, China is buying again, and refined products are scarce: the Gulf is exporting half its usual volume, Russia has gone from seller to buyer and China has restricted its fuel exports. Meanwhile, the reserves that kept prices in check are running low. U.S. strategic reserves are at their lowest level since 1982.
And Iran, unable to sell a single barrel and with its economy in free fall, is cornered. With the U.S. midterms, Israel's election on 27 October and a third American aircraft carrier on its way, Tehran may see a window to strike. In this video we answer three questions: will Iran escalate, where could it strike, and what would happen to oil prices?
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Source: VisualPolitik EN
