Not included in the linked article is that China has apparently depleted most of their reserves and is now making larger purchases on the open market.
Reports on social media are spreading of gas stations running out of diesel. Analysts caution these shortages are probably local, but the price is now over $6/gallon nationally and over $8/gallon in California.
AUSTIN, Texas, Sept 11 (Reuters) - Chevron (CVX.N), opens new tab CEO Mike Wirth said on Friday that oil buffers that limited crude price increases earlier in the Iran war have been depleted, and the conflict could lift prices further over the next few months.
Since the war began in late February, countries have released some crude stockpiles to the market, and the U.S. also lifted restrictions on oil stored on ships floating at sea from countries under sanctions. Those buffers have now been “played out,” Wirth said while speaking at a University of Texas at Austin energy conference.