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Heads of Desk: Top of Mind – Episode 42

The heads of Onyx Commodities' trading desks discuss the latest in the Oil Derivatives as of 7 April 2026
7 April 2026

Market Upricing Iran Shock, Equities Bounce, The Refinery Trap

Markets underprice Iran shock; supply, capital, food risks rise as shortages loom, physical tightness worsens, dislocation ahead
7 April 2026

Latest reports

All We Need is Oil

The key headline in the North Sea is an unbelievably strong physical differential....
7 April 2026

Brent Rangebound at $109.33/bbl

Russia refinery and port hit, exports halt; US strikes continue, Iraq eyes recovery if Hormuz reopens, crisis talks.
4 page report
7 April 2026

Either/Or

Iran war risk lifts Dubai crude oil spreads; physical tight, Brent/Dubai volatile with mixed flow, near-term buying strong
7 April 2026

Brent Drops To $108

Global tensions rise: heavy strikes escalate, Iran rejects ceasefire, Saudi oil hit, Ukraine targets Russian energy hub.
4 page report
7 April 2026