Mideast oil may soon have no way out amid ‘everything everywhere all at once’ wars, but the crisis in refined products is even worse

Conflicts in the Persian Gulf, Red Sea, and Black Sea are disrupting oil and refined product supplies, with Iran-backed Houthi rebels targeting the Bab el-Mandeb Strait and Ukraine attacking Russian oil infrastructure. Refined fuel shortages are worsening due to depleted global stockpiles, causing sharp increases in crack spreads between oil and fuel prices.