Investors and analysts have spent much of the year embracing the view that the oil market, which has been in oversupply mode, is heading straight for a glut through 2026 — and that glut could reach as high as 4 million barrels per day (b/d) and depress global prices even further along the way. That scenario is still with us, according to industry experts. But a surprise announcement last Wednesday of sanctions levied by the US Treasury against Russia's two largest oil producers has changed the calculus. ...