The escalation of conflict involving Iran and its neighbors has turned the Strait of Hormuz into a high‑risk chokepoint for global energy flows, with up to 15 million b/d of Gulf crude and products potentially at risk of disruption. Oil prices have already jumped sharply, with Brent moving from the low‑70s to well above 80–90 USD/bbl in early March, while European gas and LNG benchmarks have spiked on fears over Qatari exports.

This article explores how Venezuelan crude destined for India could reshape trade patterns, refinery economics, spreads and market prospects over the rest of the decade, and what this means in practical terms for traders, petroleum product sellers and buyers, and corporate strategy teams.

Saudi-backed Midad Energy has signed a term sheet to acquire the sanctioned foreign assets of Russian oil major Lukoil, positioning itself in a high‑stakes contest with U.S. private equity group Carlyle for control of one of the largest energy portfolios put up for sale since Western sanctions were tightened against Moscow.