Refined Products, Crude Oil, Maritime & Shipping

November 05, 2026

Strait talk: Oil markets brace for new phase amid extended Hormuz tensions

HIGHLIGHTS

Markets face tighter supplies as China demand shifts

Expert analyzes global crude and product balances

Vessel traffic through Hormuz remains restricted

Oil and product markets showed unexpected resilience in prior weeks thanks, in large part, to reduced crude demand from China. The system is now much tighter and its resilience could be tested, particularly when it comes to refined product markets, as we enter a new phase.

Oil markets expert Karim Fawaz joins hosts Hill Vaden and Sam Humphreys to discuss the evolving balances of global crude and refined products as vessel traffic through the Strait of Hormuz continues to be limited.

Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en

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