Wars involving Iran and Ukraine have intensified pressure on global oil supplies after Russian refineries were bombed and exports through the Strait of Hormuz and the Black Sea were disrupted. The global refining deficit has reached 6.5 million barrels a day, including damaged capacity and products that cannot leave key waterways. More than 1.2 million barrels per day of refining capacity in the Middle East is offline due to physical damage. Saudi Arabia has shifted exports to routes via the Suez Canal and Egypt’s SUMED pipeline for 5 million barrels a day, while Brazil’s Petrobras reported a 14% year-on-year output increase and is running refineries at full capacity, adding to upward pressure on international crude prices.