#Strait of Hormuz

Russian refinery drone strikes + Hormuz blockade have pushed diesel crack spreads to $65/bbl. We rank the winners by region and explain why refining margins could stay elevated for 2–3 years.

The US-Iran war has blockaded the Strait of Hormuz. Starting from WTI $75 and Brent $82, we break down three scenarios — including a $120 bull case — and which energy and defense ETFs stand to benefit.