The reopening of the Hormuz Strait is unlikely in the short term. Refiners are paying huge premiums to buy other types of crude oil.

In order to cope with the shortage of Middle Eastern supplies, refineries are rushing to purchase crude oil from other regions, and paying increasingly high premiums for it. Signs of severe turbulence in the global market triggered by the Iran war are also becoming more apparent. In addition to well-known crude oil futures markets such as Brent crude and West Texas Intermediate, there are hundreds of lesser-known types of crude oil, whose prices usually only differ from international benchmarks by 1 to 2 dollars. However, these price differentials are now rapidly expanding to premiums of $10 or more per barrel, as refineries - particularly in Asia - are eager to secure alternative supplies. Spot crude oil premiums are important because they reflect supply and demand balance, influence refineries' purchasing decisions, and drive trade flows.