Oil Markets

Asia's energy security has always rested on a difficult bargain -- deep reliance on Middle Eastern crude in exchange for scale, proximity and established commercial relationships. The recent conflict tested that bargain in real time, forcing refiners, traders and governments to reroute supply, reassess risk and confront the true cost of dependence. As risk premiums fade and markets move from crisis response to post-war recalibration, the bigger question is no longer just where the next cargo comes from -- it is whether Asia can build a more resilient energy supply system. In this episode of Platts Oil Markets podcast by S&P Global Energy, Asia Energy Editor Sambit Mohanty discusses with Calvin Lee, head of Asia content at Platts, and Nick Sharma, head of global upstream insights at CERA, how the supply shock is reshaping Asia's crude sourcing and refining economics, as well as building a case for more investment in domestic oil and gas production.

With Strait of Hormuz constraints reshaping global supply routes, Latin America is stepping into the spotlight. In this episode, Jeff Mower, Kate Winston, Sheky Espejo and Charles Newbery unpack how producers across the region are positioned for upstream expansion. What are producers learning from Argentina's drive to boost Vaca Muerta oil output and exports? What does Colombia's upcoming election mean for oil growth? What will it take for investors to spend in Venezuela? Let's dive into what could drive the next wave of growth.

The disruption to flows through the Strait of Hormuz is rapidly reshaping the Asian jet fuel market at a critical juncture, just as seasonal demand accelerates ahead of the peak summer travel period. As one of the world's most important energy chokepoints, the Strait has long facilitated the movement of significant volumes of Middle Eastern jet fuel. The loss of these flows is now forcing market participants to reassess supply security, trade routes, and pricing dynamics across the region. In this episode of the Platts Oil Markets Podcast, Jonathan Nonis, associate editorial director, is joined by members of the global editorial team — Lee Shu Ling and Aruni Sunil — to examine how the disruption is translating into the physical market. They explore the extent to which supply dislocations are tightening regional balances, the adjustments in trade flows and inventory strategies, and the emergence of demand destruction. They also look at how key benchmarks — including FOB Arab Gulf and FOB Singapore jet fuel, as well as the East-West arbitrage — are responding to tighter supply conditions.

US crude exports have hit record high in April as buyers looked far afield to replace barrels that have been blocked by the Middle East war and the effective closure of the Strait of Hormuz. The surge in demand has been a boon for US suppliers, and there has been a scramble to overcome infrastructure constraints in order to push exports even higher. With Persian Gulf supply unlikely to return at pre-war levels anytime soon, are markets seeing a temporary dislocation or a more durable shift in global crude flows? In this episode of Platts Oil Markets Podcast by S&P Global Energy, Oil Futures editor Chris van Moessner is joined by Americas oil news editors Binish Azhar and Ashok Dutta, and crude oil price reporter Lucas Casas to discuss what is driving these record exports, their near-term outlook, and how the US midstream and upstream business segments are reacting to this new paradigm.

With more than two months having passed since the beginning of the war in the Middle East, a conflict that has tightened refined oil product flows through the Strait of Hormuz, market participants have been grappling with major upheaval in middle distillate trade routes as Europe seeks to replace lost Middle East supply. To examine the latest trends in this vital segment, S&P Global Energy's Emma Kettley, associate director, price reporting, is joined by reporters David Neef and Patrick McAllister to unpack how Europe has adapted to the disruptions to its key supply source in the Persian Gulf.

Geopolitics and its impact on pricing and trade flows were the talk of the town as oil market participants convened in the cobbled streets of London across Feb. 9-13 for International Energy Week, one of the most important events in the industry's calendar. Following a blockbuster 2026 edition, S&P Global Energy's John Morley, global director of crude and fuel oil markets, sits down with Associate Directors Emma Kettley and Gary Clark to discuss the key takeaways from the week covering the full breadth of the oil complex with crude, fuel oil and refined product dynamics in view.

Europe's dependence on imported middle distillates is in sharper focus after the EU's 18th sanctions package halted imports of refined products processed from Russian crude from Jan. 21. Europe is leaning more heavily on replacement supply from the Middle East and the US—driving fresh volatility in diesel and jet fuel differentials even as underlying fundamentals remain mixed. Join Gary Clark, Aruni Sunil, Jan Kedzior, and Rebeka Foley as they unpack how trade flows are being reshuffled, why jet cracks have outperformed diesel, and how geopolitical risk and low buffer stocks are amplifying price swings across Europe's refined product markets.

Dated Brent differential soars to three-year high amid a supply crunch driven by disrupted flows of Kazakhstan's CPC Blend crude. However, market participants caution that a potentially swift return of CPC Blend outflows could swell European supplies, dragging on the Dated Brent complex. Join Gary Clark, Associate Director of Price Reporting, EMEA Clean Refined Products, as he discusses this and more with Ernest Puey, Senior Price Reporter, Crude Oil, and senior writer Thomas Washington.