Oil markets are tightening, and the conflict involving Iran is not the only factor behind the growing supply crunch.
Analysts at J.P. Morgan point to constraints on Russia’s refining system as an additional strain on global supply chains.
These Russian bottlenecks deepen an already stressed market, where production limits and geopolitical tensions have reduced available crude.
Sanctions and maintenance issues have curtailed Russia’s ability to process oil into refined products like diesel and gasoline.
This worsens global shortages, particularly in regions dependent on Russian exports for fuel.
While Iran-related risks dominate headlines, the compounding effect of Russian refinery troubles adds another layer of volatility.
The combination of these pressures suggests supply will remain constrained in the near term.
Energy strategists warn that tight supply could persist unless new production or alternative sources emerge quickly.
Markets are now watching for any policy shifts from major producers or consuming nations to ease the situation.
The current outlook underscores how interconnected global oil infrastructure has become.
