ADNOC CEO: Global oil inventories down nearly 1 billion barrels since Hormuz disruption

The scale of the inventory draw is the real signal here: a near billion-barrel cushion removed reframes the market's sensitivity to any further supply shock, and the diesel detail matters more than crude headlines since it feeds directly into freight and industry. The jump in shipping and logistics costs as a share of per-barrel crude costs points to a structural repricing of delivery, not just a temporary spike, which shifts advantage toward refiners and storage positioned near demand centers. Whether those logistics costs normalize as flows adjust, and whether strategic reserve builds keep pace, is the open question.