Oil Markets Price in Return to US-Iran Hostilities After Midterms

Cornelia Meyer, CEO of Meyer Resources, believes that oil markets are pricing in a return to U.S.-Iran hostilities after the midterm elections. According to her, diesel is becoming a major global pinch point due to several factors, including Saudi crude shipments to Europe being halted for October and limited Chinese product exports.

Meyer also flags inflation risks for agriculture due to disrupted nitrogen-fertilizer supplies. These disruptions are caused by the halt in Saudi shipments to Asia, which has resulted in less feedstock reaching Asian refineries.