Strait of Hormuz

The Strait of Hormuz is the stretch of water between Iran and Oman that carried about a fifth of the world's seaborne oil and gas before the 2026 war. Every Gulf barrel bound for an Indian refinery passes through it, so a disputed tanker count can move Brent, and seven ships a day in October 2026 was a number the whole oil market traded.

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  • Crude oil (WTI vs Brent)Crude oil trades as two benchmarks: WTI at the Cushing pipeline hub on NYMEX, and Brent at sea on ICE, which prices…
  • Oil risk premiumThe oil risk premium is the part of the oil price that pays for the chance the next barrel does not arrive, not for…
  • IEAThe IEA is the International Energy Agency, the Paris-based watchdog for oil-buying countries. Its monthly report…
  • Crack spreadThe crack spread is the gap between the price of crude and the products refined from it, petrol and diesel. A refiner…
  • 52-week high and lowA 52-week high or low is the highest or lowest price a stock has traded at over the past year, the number scanners and…
  • HedgingHedging is taking a second position that loses when your first one wins, to cut risk. Market makers hedge every fill…

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