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ADNOC's CEO said the world has drawn nearly 1 billion barrels from global inventories since the Strait of Hormuz was disrupted. Diesel stocks in some areas are at 35-year seasonal lows, and some regions face an LNG supply gap of 600 billion cubic feet.
Shipping and logistics now account for 30% of a barrel's cost, up from 5% before the Iran war.
Depleted diesel stocks at multi-decade lows leave markets vulnerable to further price spikes, which raise freight and processing costs across feed supply chains. Crude and product prices are likely to stay firm while buffers remain depleted.
thehindubusinessline.comReutersNov 2, 2026After 250 past bullish geopolitics events, ULSD / Diesel moved a median +1.7% over 5 sessions (58% higher; middle half -3.6% to +8.7%), and +0.9% over 20.
After 656 past bullish geopolitics events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
