Are you ready to unravel the intricacies of the global oil market? Our guest for this episode, oil analyst Rory Johnston, guides us on a fascinating journey through the volatile world of oil prices and the implications of international politics on it. From the recent price surge, potential sanctions on Iran, to the possible easing of limitations on Venezuela, you'll get a front-row seat to the rollercoaster ride that is the oil market.We're also serving up a comprehensive analysis of oil market dynamics against the backdrop of major global events and economies. Uncover how the Israel-Hamas conflict has a bullish effect on the oil market and why China's strong demand for oil persists despite mixed economic signals. Plus, we're lifting the veil on the U.S Strategic Petroleum Reserve and its potential to offset a price spike.But that's not all. We're diving deep into the realm of refining, with an emphasis on crack spreads. Rory unravels the current gasoline oversupply phenomenon and the vital role of China's independent refineries in the market. Lastly, we're turning our attention to Venezuela and Iran, examining the potential benefits of a sanction reduction deal with Washington and the impact of tighter sanctions on Iran. Join us, and be enlightened on the complex interplay between geopolitics and the oil industry.ANTICIPATE STOCK MARKET CRASHES, CORRECTIONS, AND BEAR MARKETS WITH AWARD WINNING RESEARCH. Sign up for The Lead-Lag Report at https://theleadlag.report/leadlaglive and get 30% off as a podcast listener.Nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. The content in this program is for informational purposes only. You should not construe any information or other material as investment, financial, tax, or other advice. The views expressed by the participants are solely their own. A participant may have taken or recommended any investment position discussed, but may close such position or alter its recommendation at any time without notice. Nothing contained in this program constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or other financial instruments in any jurisdiction. Please consult your own investment or financial advisor for advice related to all investment decisions.Support the show