S&P Global Vice Chairman: Hormuz Crisis Is Driving Global Change

• A divergence was observed between Brent futures (predicting lower prices) and dated Brent (indicating major dislocation and rising prices).
• The physical oil market experienced 'major dislocations' playing out unevenly across the world.
• Asia was hit hardest with significant supply problems, while the US mainly saw rising gasoline prices but no supply issues.
• From the industry's perspective, risk is being underpriced in the market due to these dislocations.

The discussion highlights a significant divergence between Brent futures and dated Brent oil prices, indicating a 'major dislocation' in the physical oil market that was not fully reflected in futures. This dislocation has led to uneven impacts globally, with Asia facing severe supply problems while the US primarily experienced rising pump prices.