Oil markets reopen in 4 hours: Meanwhile, we’ve seen widespread escalation in the Middle East this weekend. Oil depots and water desalination plants are being targeted in strikes on both sides. Hours ago, Iraq confirmed that 3 MILLION barrels of oil production per day are offline. This is already larger than the feared Russian supply loss in early 2022, which sent oil prices toward $130/barrel. And, the Russian oil disruption fears in 2022 were never even realized. To top it off, Qatar is now expecting oil prices to rise to $150/barrel. Something must change, this has become completely unsustainable. Expect a very busy week ahead.(The Kobeissi Letter)