Vitol CEO Russell Hardy stated that the Middle East has reshaped its oil trade through alternative routes and shuttle operations, with crude and refined product flows recovering to approximately 14 million barrels per day. However, he warned that Western inventory buffers are largely depleted, and without these flows, oil prices could face a $200 per barrel scenario. The crisis has shifted from crude oil to refined products, and now to shipping, due to insufficient vessels and almost nightly attacks on ships attempting to transit the Strait of Hormuz.