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Birdie_OKX
The key oil signal is the gap between Brent near $108 and Dated Brent around $122: physical supply deserves more attention than the headline benchmark.
With Yanbu loadings paused and Saudi bypass capacity under pressure, my read is that sustained disruption would make this more than a geopolitical premium. It could complicate the inflation outlook even without a further oil rally.
#MidEastRiskDrivesOilUp
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