Global oil prices are fluctuating wildly, driven by the war in the Middle East and disruption in the Strait of Hormuz. Despite a ceasefire deal being announced, uncertainty remains.

In this episode – recorded on 1 April 2026 – we take a step back and unpack what moves oil prices and how the global oil market works. Chris Kenny, our Head of Energy Trading, and Michael Hsueh, Senior Research Analyst at Deutsche Bank, join host Michael Steen to discuss all this and more.

01:42 – How the global oil market works and oil prices are set

04:46 – The ongoing disruption in the Strait of Hormuz, its impact on prices and the wider economy, and how it compares to previous oil crises

10:26 – Our role as an investment bank in the oil market and the support clients are looking for in this highly volatile environment

14:33 – How the oil market has changed over the years and our guests’ thoughts on the impact that today’s crisis might have

29:08 – What our guests are dedicated to in their daily lives

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