Missiles, mines, attacks on ships, US blockade, Iran’s closure - the Strait of Hormuz has de facto been closed since the start of the Middle East conflict since late February. Several weeks later, India - an economy dependent on the world for 90% of its crude needs - has managed its oil supply situation better than most expected.

An Iraqi crude oil tanker is heading towards India after navigating the Strait of Hormuz. Commercial ship movements through the vital waterway are still low. This comes as the…

Physical crude markets have also firmed again in recent days, offering a reminder of the wider supply tightness that’s hitting the global oil industry.