The next oil shock could be much closer than people think. Supply is getting tighter. Old oil fields are declining, new discoveries are slowing, and years of underinvestment have left the market with less room for error. Now add: - U.S.–Iran war escalating - Hormuz is closed - Houthis attacking shipping in the Red Sea - U.S. Strategic Petroleum Reserve sitting at much lower levels than before The world still runs on oil, but the safety cushion is smaller. Oil doesn’t need to run out to spike. It just takes a major disruption when spare capacity and emergency reserves are limited.(WF)