Oil Market’s Glut Narrative Just Blew Up

The oil market’s anticipated oversupply narrative reversed sharply following escalating geopolitical tensions that disrupted critical supply routes. Brent crude climbed above $100 per barrel this week after Houthi forces struck Saudi tankers in the Bab el-Mandeb Strait, a key chokepoint through which Saudi Arabia has been routing exports due to Iranian blockade activity at the Strait of Hormuz. The attacks prompted tanker operators to redirect vessels toward longer, more expensive alterna