Refineries Are Now the Main Chokepoint for Global Energy Supplies - WSJ
Source: WSJ
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DW NOTE
The Hormuz blockade has cut global oil supply by 5.7 million barrels per day, yet WTI sits at $92 — down 18% from its one-year high. That price only makes sense if refining capacity, not crude availability, is now the binding constraint. The world has plenty of oil it cannot process.
Bitcoin fell 0.4% to around $79,700 since midnight UTC while Asian tech stocks rallied. The DeFi index dropped 1.8%, and the Fed is set to begin a two-day meeting.
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