The Institutional Risk Analyst

The renewed fighting between the US and Iran again jeopardizes global oil supplies, after stockpiles were drained earlier in the conflict, Reuters reports. “We’ve burned through all of the buffers we had. Everything,” one trader told the Financial Times. Energy markets had some slack to absorb the first shock, but that cushion is “smaller and shrinking further.” We continue to be concerned about shortages of refined products and particular grades of petroleum in 2H 2026.