Oil Markets

US and Israeli strikes on Iran since Feb. 28 have led to a major regional conflict, which has rocked geopolitics and resonated across the global oil supply chain. Vessel transits across the vital Strait of Hormuz have been stunted, while physical and financial oil markets have seen a major uptick in volatility. In this episode of the Platts Oil Markets podcast, Herman Wang is joined by Lauren Holtmeier, Ada Taib, and Gary Clark to discuss the latest developments on the ground from the Middle East, in addition to the wider knock-on impacts for crude oil markets in Asia and refined products dynamics in Europe.
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The outlook for Russian and Venezuelan crude flows, as well as geopolitical developments in Iran, are keeping Asian refiners on edge. Indian refineries have valued heavy Venezuelan crudes in their mix in the past, but will be looking out for signals of stable oil flows from the country. Meanwhile, the country's imports of Russian crude have decreased as sanctions have intensified.
In this episode of Platts Oil Markets Podcast, Sambit Mohanty, Asia Energy Editor, Benjamin Tang, head of liquid bulk at S&P Global Commodities at Sea, and Pulkit Agarwal, Head of Content for India, discuss these market developments and more.

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.

In this episode of the Oil Markets Podcast by S&P Global Energy, host Jeff Mower, Director of Americas Oil News, is joined by Senior Refining Editor Janet McGurty and Senior Upstream Editor Ashok Dutta to break down the biggest takeaways from fourth-quarter oil earnings so far.
How are Gulf Coast refiners positioning for a potential return of Venezuelan heavy crude — and what does it mean for heavy crude differentials? On the upstream side, are shale producers truly delivering "more with less" in the Permian through new technologies and lower costs? What's driving the next wave of M&A? From capital discipline to geopolitical risk, this episode explores whether 2026 is shaping up to be a year of measured growth — or strategic transformation — across upstream and refining.

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.