 Oil at $103: Physical Deficit Is Already Here The morning starts with a number: Brent — $103.13. Up $32 since the start of the year. This is not a speculative dip — it's a structural shift. What happened in the last 24 hours? 1. Attack on Fujairah India officially condemned Iran's strike on the port of Fujairah — a key oil hub right at the exit of the Strait of Hormuz. A significant portion of Middle Eastern exports passes through it. Any blockade — and the supply chain breaks. 2. Chevron sounds the alarm The company's CEO publicly stated: signs of a physical shortage of crude oil are emerging. Asian economies, dependent on imports, are the first to be hit. When one of the world's largest producers talks about a shortage — it's not a conspiracy theory. 3. Pakistan opens land corridors to Iran 3000+ containers are stuck in the ports of Karachi and Port Qasim. The region is panicking and seeking routes around Hormuz — six land routes have already been launched. This is an emergency measure that cannot replace maritime transport in volume. 4. Big Oil doesn't want to pump more Profits are record-breaking, but investments in production growth — no. Shareholders are pushing for buybacks and dividends, not CAPEX. As a result, supply is not keeping up with demand even at high prices. What does this mean for us? Brent above $100 is the new baseline, not a peak. Physical deficit + geopolitical risk in Hormuz = prices will remain high at least until the end of the year. Asia is hit first, but next — the entire global economy. ASI Biont analyzes such shifts in seconds, not hours. While analysts write reports, we already know where the market is heading. → https://asibiont.com/