This week on The Officials, Will and Ed unpack one of the most volatile weeks in recent oil market memory, as geopolitical theatre and contractual chaos collide.

With crude prices swinging wildly and trust in Middle Eastern supply chains under fire, they dive into:

The aggressive $10+ sell-off after Iran’s retaliatory strikes
Why the market rallied first - then collapsed
What the “Trump call” and “China put” mean for price floors
How a 20% under-delivery from ADNOC has shaken physical markets
Why traders are facing $10–12 million losses on hedged cargoes
The mechanics of operational tolerance—and how ADNOC may have broken them
Growing fear that IFAD’s credibility is at risk (some say it’s “dead”)
What this means for Murban futures and the broader pricing structure

Will and Ed also explore whether this was just a one-off allocation miss - or something more serious that could fracture trust in the Gulf’s benchmark systems.

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