Oil markets got a jolt this week after an explosion and fire tore through part of Türkiye’s largest refinery, the Tupras Izmit complex, forcing evacuations and an emergency response. The global oil market is already dealing with tighter trade routes, shifting product flows, and limited refining and logistics flexibility. A disruption at one of the country’s most important refining hubs only adds friction to an already messy realignment. Product markets have been jumpy after a winter marked by weather-related outages elsewhere. The incident is another reminder that oil markets are still governed by physical constraints.