Crude pool drying up as Middle East conflict drags on, refiners wary

Indian refiners are using inventories to manage immediate oil supply disruptions. They worry about prolonged closures and widening conflicts impacting crude sourcing. Attacks on Russian ports and falling global inventories reduce buffers for supply shocks. Iran-aligned Houthis are obstructing Saudi oil shipments through the Red Sea. This compounding obstruction threatens the Strait of Hormuz oil transit.