Oil Market's Glut Narrative Just Blew Up

Less than a month ago, analysts were warning of a looming glut of crude oil as tanker traffic via the Strait of Hormuz began to recover amid a U. S. -Iran ceasefire.

Within days of these warnings, the ceasefire was a painful memory, missiles were flying again, and now Yemen’s Houthis are striking tankers in the Red Sea, which makes two blocked oil chokepoints and a very real danger of a global recession.