Oil prices have not reached record highs despite a significant supply disruption. This is due to several factors, including the market's expectation of a quick resolution to the crisis and the presence of a supply buffer from global inventories. The world's top crude importer, China, is also avoiding spot purchases, which is contributing to the stabilization of oil prices. Additionally, demand destruction is increasing as a result of high prices, further limiting the upward pressure on oil prices. The combination of these factors is currently keeping oil prices in check, despite the ongoing supply disruption.

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