Sydney Casey sits down with Dan Luther and Andy Milton to assess how more than 100 days of conflict in the Middle East have impacted global energy markets. They discuss the supply disruptions that have occurred since the war began, the latest developments surrounding the Strait of Hormuz, and why crude prices have softened despite ongoing geopolitical uncertainty. The conversation also explores how global markets have adapted, what recent price movements reveal about trader sentiment, and the factors that could influence energy prices moving forward.

The episode also examines the broader market implications of the conflict, including inflation pressures, lubricant supply disruptions, renewable diesel markets, and U.S. refining activity. Dan and Andy share their outlook on market volatility, discuss key risks still facing the energy sector, and highlight the indicators they are watching as businesses navigate an increasingly complex and unpredictable energy landscape.