ME OIL SUPPLY SHOCK: SENSITIVITY TO A GULF BREAKDOWN

US strikes on IRGC facilities have slashed Gulf oil flow to 2mn bpd, pushing the global supply deficit to 14mn bpd.  David Roche's sensitivity analysis shows this justifies spot Brent at $85-90 now, climbing to $95+ within two months as OECD inventories race toward their reserve floor.

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