The Biggest Oil Risk Is at the Bottom of the Barrel

- Fuel oil is now an ultra-expensive commodity due to the Iran war, which is bad news for the global economy.

- The shipping industry is sounding the alarm as some key ports may run dry, forcing ships to halt, with fuel-oil supply very low in locations such as Singapore and Fujairah.

- The traditional relationship between crude and fuel oil is broken, with fuel oil prices significantly higher than expected, trading at $140 a barrel in Singapore and nearly $160 in Fujairah.