Oil invoicing is a rounding error on the dollar system. The war isn't changing that.

Insurance isn't the bottleneck. The bottleneck is that there's no replacement for a ship, or its crew, at any price.

4 million barrels per day of surplus, and then a war

India, Japan, and China each built their energy plumbing around a 30-mile chokepoint. Now the chokepoint is closed.

'Days of storage' becomes a market variable

The war isn't about barrels — it's about shipping, insurance, front companies, and the rial

Annual licenses, tariff carve-outs, and the problem of making chips in China

Beijing on Tuesday, Washington on Monday, and what Germany gets for showing up