America's crude inventories are getting perilously low. But that's not the full story.

U.S. commercial oil inventories are described as too low for comfort as the war with Iran enters its fourth month without a clear resolution. The article highlights that the duration of the conflict is now a key risk factor for oil supply and pricing, increasing the chance of volatility in energy markets. The setup is cautious and risk-off for crude and related assets.

Analysis

U.S. commercial oil inventories are described as too low for comfort as the war with Iran enters its fourth month without a clear resolution. The article highlights that the duration of the conflict is now a key risk factor for oil supply and pricing, increasing the chance of volatility in energy markets. The setup is cautious and risk-off for crude and related assets.