Tanker Availability Crisis

Tanker owners are increasingly avoiding the Persian Gulf, leading to a collapse in available shipping capacity. This has pushed Brent prices to levels not seen since the initial shocks of the Ukraine conflict in 2022.

Global Inflation Wave

World Bank economists warn that if Brent averages $115 through 2026, global food insecurity will rise sharply. The current $123 print suggests the market is pricing in even worse supply scenarios.