The David Lin Report · Wednesday, September 2, 2026
Josh Young, CIO of Bison Interests, argues that the oil market is facing a significant under-supply, contrary to narratives of a potential glut. He highlights that persistent attacks by Iran and its proxies have materially limited oil transits, contributing to price increases.
“And so, um I I think I I missed the risk on Venezuela in terms of the US coming in and actually there's more supply coming from there. But this supply risk from Iran from the straight of Hormuz is significant and no one knows how long it will go.”
“And so the the thing I think that was happening with the oil market the last few months was the price was down. There was this big narrative on there being potentially a glut again of oil which is sort of wild to hear people talk about there being a glut when there's 5 to 10 million barrels a day of under supply.”
“But we've seen persistent attacks by Iran, their IRGC, as well as by IRGC proxies like the Houthis. And these have materially limited uh transits.”