Weekly Oil Market Review (Nov 2-8, 2026): A 7% Crash in Crude Meets a Market That Wouldn’t Follow
Crude's worst session in months left refined product prices almost untouched: December WTI fell 7.36% to $96.46 and January Brent 7.63% to $104.77 on renewed US-Iran diplomacy, yet Gulf jet fuel cracks held near $60-70 a barrel, roughly triple the 2025 norm. With Hormuz transits restricted, Middle East runs cut by a quarter and Russia's jet export ban extended to late November, the week's real lesson is that this year's margin is physical, not speculative.
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