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... "The system is already straining," Nasser told the Energy Intelligence Forum in London. "And with precious little else the world can turn to, the supply resilience cushion is scarily thin."

His remarks came hours after the news that oil flows from the Middle East surpassed pre-war levels last week. That welcome news for markets has been tempered, however, by furious fighting between Saudi-backed forces and Iran's Houthi rebel allies in Yemen over control of the Bab el-Mandeb Strait, another key energy chokepoint and the southern gateway to the Red Sea. ...