With Mideast on fire, oil prices are poised to explode

News reports this week indicated Saudi Arabia was cancelling or delaying multiple shipments of crude to European refiners for the month of September, pushing them into October or even November.So, after a seeming reprieve, global oil markets are once again showing increasing signs of stress from fresh disruptions to oil infrastructure in the Middle East. The Saudi move followed an attack last week on its East-West pipeline that Riyadh blamed on drones from Iraq. Recent reports indicate the Saudis hope to have roughly half the capacity of the pipeline in a “few days,” while the restoration of f