Citi: Short-term upside risks in the oil market remain significant; Middle East export logistics have not normalized, driving up delivery costs.

Citi released a research report stating that although crude oil flows in the Arabian Gulf have somewhat recovered, short-term oil market risks remain skewed to the upside, as inefficient logistics have caused freight dislocation, preventing delivered supply from fully normalizing, while geopolitical risks may also resurface around the Israeli Knesset and U.S. midterm elections.