IIF Deputy Chief Economist Ashok Bhundia argues that dwindling oil and diesel inventories around the Strait of Hormuz present a more urgent global risk than US-China strategic competition. He warns that elevated crack spreads are driving cost-push inflation and could trigger a sudden market shock.
Source: [Bloomberg Markets](https://www.bloomberg.com/news/videos/2026-09-30/why-middle-east-oil-risks-now-exceed-us-china-tensions-video)