Four weeks into the Strait closure, global oil markets are tightening fast.

In this episode, Pamela Munger, Head of Market Analysis EMEA, and David Wech, Chief Economist, unpack a supply disruption nearing 17 million barrels per day, with the final buffer of Russian crude expected to run out within weeks.

We explore a market increasingly split in two. The Atlantic Basin remains long on supply, while the Pacific Basin faces acute shortages, particularly of medium and heavy sour crude. Yet futures markets continue to reflect Atlantic dynamics, masking the true extent of the imbalance.

The conversation also looks at how South American producers may step in to fill the gap, and why refined product flows are proving more resilient, with record loadings from the Atlantic.

What happens next will depend on how quickly supply can rebalance—and where the next barrels come from.

Following the February 28 US-Israel strike on Iran, tanker traffic through the Strait of Hormuz has sharply declined. In this special episode, Vortexa’s Head of EMEA Market Analysis Pamela Munger and Chief Economist David Wech discuss how insurance constraints, shipping disruptions, and strained supply chains are affecting global oil, gas, and petrochemical markets. The episode also examines potential knock-on effects for global energy prices, product shortages, and what signals markets should watch next.

This episode was recorded on March 4, 2026. To keep up to date with all the recent changes on this topic - visit https://bit.ly/4ua5H0G

In episode 2 of Vortexa Energy Insights, Pamela Munger is joined by Chief Economist David Wech to examine how shifting U.S. trade policy, sanctions, and geopolitical tensions are reshaping global crude flows. Key topics discussed include:

1. U.S. tariff policy changes and energy market implications
2. India's crude imports from Russia and geopolitical dynamics
3. China's absorption of sanctioned crude and storage capacity
4. Iranian and Russian export volumes and shipping patterns
5. Current state of market fundamentals

Please note: This episode of Vortexa Energy Insights was recorded on Feb 26, ahead of coordinated military action by the US and Israel on Iran. To keep up to date with the latest market movements, you can access a special edition on-demand webinar that was recorded on March 1 here - https://bit.ly/47a6Wmz

Welcome to the first episode of Vortexa Energy Insights, hosted by Vortexa's Head of Market Analysis, EMEA Pamela Munger, who is joined by analysts Mick Strautmann and Delia He to unpack the latest developments shaping global oil markets. The discussion covers diverging 2026 oil demand growth forecasts, shifts in Atlantic Basin crude flows, and the growing role of WTI in Europe and Asia amid geopolitical tensions, sanctions, and supply disruptions. Using Vortexa data to fuel the discussion, the team explores what recent market moves really mean, and what to watch next.