Vitol's top Middle East executive Tom Baker warns that Western governments are 'asleep at the wheel' regarding the growing oil supply crunch, estimating global demand destruction at around 4 million barrels per day as countries delay purchases hoping for resolution to the Iran conflict.
Yields
NDX
RUT
implicit
inferred
inferred
Vitol
1.0
Other
Tom Baker 8.5
Other
Tom Baker 8.5
6/3/2026 10:25:26 AM
dxy
Geopolitical tensions in the Middle East and oil price spikes typically strengthen the US dollar as a safe-haven currency.
metals
Escalating Middle East tensions (US-Iran strikes) and oil supply concerns typically drive safe-haven demand for precious metals like gold.
wti
Countries delaying purchases hoping for Iran resolution suggests pent-up demand that will eventually materialize, supporting medium-term oil prices.
