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Oil's Bottleneck Has Moved Downstream: Gulf Crude Recovers to 91% of Pre-War Flows While Freight, Insurance and Refining Set the Price
Saudi-backed Yemeni forces say they have cleared Houthi control from the Bab el-Mandeb coastline up to Mocha, the first material territorial shift at a major chokepoint in weeks. But the more consequential story is quieter: September data show Gulf crude exports back near pre-war levels while refined products lag badly, and Reuters argues logistics — not supply — is now oil's binding constraint. For feedstock and West African buyers, that gap is where delivered cost is being decided.
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