Markets

Chinese and Indian refiners are rapidly pivoting toward previously sanctioned Iranian, Russian, and Venezuelan crude as US-led diplomatic waivers and a fragile ceasefire in the Mideast reorganize global energy trade.

The closure of the Strait of Hormuz has forced a dramatic restructuring of energy security in East Asia.

With the Strait of Hormuz largely impassable, the European Union is pivoting toward emergency measures.

Since the onset of the US-Iran conflict on Feb. 28, the Strait of Hormuz has functioned as a restricted corridor, primarily serving Iranian interests.

The near-total closure of the Strait of Hormuz following the US-Israeli war with Iran (beginning Feb. 28) has triggered an unprecedented energy crisis across Asia, which normally receives 83% of all oil and LNG shipments transiting the chokepoint.

The widening of the Brent-WTI spread to an 11-year high of $13–$15/b as of late Mar. has fundamentally restructured global energy competitiveness.

The global energy market is currently navigating a multidimensional disruption as escalating conflict in the Middle East chokes critical export arteries.

The Saudi Arabian transition to a Yanbu-only export model, specifically prioritizing Arab Light crude, has fundamentally altered refinery economics across Asia.

With over 7 MM b/d of crude and 12 MM boe/d of total energy offline in the Middle East, the global market, particularly in Asia-Pacific, faces a historic deficit of

The blockage in the Strait of Hormuz in Mar. has forced Europe into a defensive crouch as it battles two simultaneous energy crises.