OIL TOPS $111 AS MIDDLE EAST WAR RISKS SURGE
Brent crude jumps over 2%, heading for its highest close since May.
Global oil inventories are razor-thin, leaving little room for supply disruptions.
The U.S. is deploying more warships, Israel is reportedly preparing potential strikes on Iran, and attacks on Saudi Arabia are intensifying.
Washington has ordered nonessential U.S. government personnel to leave Saudi Arabia.
Oil-product markets are likely to remain tight through mid-2027, even if current war-related disruptions ease, as an “unusually large upswing in refinery maintenance” constrains global supply, according to Morgan Stanley