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Gulf barrels are flowing again, but Hormuz just had its most dangerous week for tankers, and refining scarcity is now the real constraint
Middle East crude exports have clawed back to roughly pre-war levels while product exports lag, handing refiners extraordinary margins. That recovery is being underwritten by the most dangerous week of tanker incidents since the Iran war began, and by a diesel market that governments are now papering over with strategic stock releases.
The skinny
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