Oil supply through the Strait of Hormuz is severely disrupted, but markets signal a perceived surplus; WTI reaching $110 in July 2026 at 0.8% YES.

Energy Intelligence takes stock of how the world buffeted a potential 20 million b/d loss of crude, products and other liquids — and did so with an air of relative calm.

As flow resumes through the strait, an oil surplus may yet again destabilise global energy markets.

US refiners profit from Hormuz disruptions as crude price odds decline; new all-time high by September 30 at 3.7% YES, by December 31 at 8.5% YES.

Oil supply through the Strait of Hormuz is severely disrupted, but markets signal a perceived surplus; WTI reaching $110 in July 2026 at 0.8% YES.