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Climbing the (Escalation) Ladder

Hormuz risks drive oil volatility as Iran escalates attacks, LNG hit, supply fears rise, and WTI/Brent spread widens.
Published: March 19, 2026
Written by:
Vincent Wu

Vincent Wu

Research Associate, Flux
Vincent Wu
,
Mita Chaturvedi

Mita Chaturvedi

Research Associate, Flux
Mita Chaturvedi
and
Donna Dong

Donna Dong

Research Analyst, Flux
Donna Dong
Reviewed by:
Giovanni Simonetti

Giovanni Simonetti

Junior Data Analyst, Flux
Giovanni Simonetti
16 page report
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As the old saying goes, there are decades where nothing happens, and there are weeks where decades happen. Well, such decades are happening within weeks, with the perennial hypothetical of the Strait of Hormuz closure acting out in real time.

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