New Delhi, Oct. 12 -- When Israel and the US began attacking Iran at the end of February, analysts predicted that headline oil prices would soon cross $200 a barrel. That hasn't materialized yet. Even as the war has continued, global stock markets, driven by an AI mania, have soared.

But that doesn't mean there is no oil crisis. It is simmering in the background. Market experts are now warning of multiple crises. Speaking at an energy conference in London, Russell Hardy, chief executive of commodities trading giant Vitol, said that what started as a crude oil crisis became an oil products (petrol, aviation fuel) crisis, and has now morphed into a shipping crisis.

For oil industry analysts, a shipping crisis, especially those ships tryin...