Manthan – Oil & Gas – Not so Straight Strait of Hormuz
Published on 05 Mar 2026
The disruptions in one of the richest commercial hubs during 10th-17th century- The Strait of Hormuz, controlling 14-15mnbopd of crude oil transit, 1mnbopd of LPG and 2mnbopd of middle distillates currently, has kept global equity markets under stress for the past few days. Ongoing US/Isreal-Iran war engulfing the whole of Middle East, has sent Brent surging from USD63.6/bbl in Q3FY26 to USD84/bbl currently. Attacks on regional refineries has sent diesel cracks surging from USD22.6/bbl in Q3FY26 to USD55/bbl currently. Similarly, petrol crack spread has also jumped from USD13/bbl in Q3FY26 to USD18/bbl currently.
