The conflict in the Middle East has sent ripples across the global energy landscape, with the spotlight on the Strait of Hormuz -- the critical artery for Asia-Pacific's energy imports. Amid trade flow disruptions, the path to recovery, the resilience of physical oil markets, and the broader economic consequences are under intense scrutiny. While the return to normalcy, the evolving dynamics of oil storage, the transmission of supply shocks to Asian economies, and the policy responses shaping the region's future energy strategy are some of the key themes that are dominating the discussions, the market is also looking for answers on transparency in pricing, benchmark adjustments, and market adaptation during turbulent times. In this episode of Platts Oil Markets Podcast by S&P Global Energy, Asia Energy Editor Sambit Mohanty discusses some of the key themes with Atul Arya, chief energy strategist; Daniel Colover, global head of oil and chemicals market engagement; and Vishrut Rana, Asia-Pacific senior economist at S&P Global Ratings.

Dated Brent's record high assessment by Platts of $144.42/barrel stole the headlines on April 7, but physical market fundamentals in the Atlantic basin have similarly brought cash differentials for individual crude oil grades across the North Sea, West Africa and the Mediterranean upwards to levels that, in some cases, have never been seen before.

In this episode, Associate Director Emma Kettley is joined by frontline reporters Ernest Puey and George Delaney to explore the impact the war in the Middle East is having on the physical crude oil markets in the European and African region.

As traffic inches back through the Strait of Hormuz, oil and product flows remain constrained, sending buyers scrambling to replace Middle East barrels and lock in reliable diesel supply. With nearly 6 million b/d of Middle East refining capacity at stake, and roughly 4 million b/d of refined products flows, diesel prices have soared, opening export opportunities. Where are buyers turning for diesel, and what policy tools are governments using to soften price shocks? Jeff Mower, Americas Oil News Director, unpacks these issues with Brazil Refined Products Manager Renato Rostas, Americas Middle Distillates Managing Editor Aaron Tucker, and Mexico Energy Editor Sheky Espejo.