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Heads of Desk: Top of Mind – Episode 56

The heads of Onyx Commodities' trading desks discuss the latest in the Oil Derivatives as of 14 July 2026
14 July 2026

Missile Strikes Continue, Hawkish Fed, Rhine’s Kaud Chokepoint at Lows

Oil surges on US-Iran tensions. Markets rotate into energy as yields rise, tech weakens, and Rhine drought disrupts logistics.
14 July 2026

Latest reports

Brent Declines as Trump Cancels 20% Fee

Brent eases as Trump confirms Iran shipping blockade. China imports slump, while Brazil and Nigeria adjust fuel policies.
14 July 2026

Open Hormuz, Close Hormuz

Renewed US-Iran hostilities lift front Dubai spreads out of contango; selling flows focused in Q4 Brent/Dubai
14 July 2026

Feeling The Pressure

Dated Brent stays under pressure as buy-side remains absent. CFDs sold heavily, while paper rallies faded after short covering.
14 July 2026

Brent rallies to $86.90

US-Iran conflict escalates with fresh strikes, shipping attacks and Hormuz blockade; OPEC cuts 2026 demand outlook, Venezuela output steady.
14 July 2026