Oil squeeze is just getting started

• One of the dynamics that has prevented crude oil prices from spiking higher during the Iran war has been India's increasing reliance on Russian crude. But it's getting more challenging for the world's third-biggest crude importer as top-ranked China has now resumed buying more volumes from Russia. ROI Asia Commodities Columnist Clyde Russell breaks down the situation.
• And ROI Energy Transition Columnist Gavin Maguire looks at how small modular reactors (SMRs) may increasingly play a major role in the U.S. race to build enough clean, reliable electricity.

But the true stress point in energy markets today is not really crude, but a global oil refining industry that has been pushed to the brink. This could signal that diesel and gasoline prices may remain elevated for years. Deal or no deal, the global energy inflation shock is far from over.