Oil crack spread hits $68/barrel
The oil crack spread hit $68 per barrel, described as near the highest ever recorded, signaling severe incoming fuel shortages particularly for diesel.
Snapshot · The MeidasTouch Podcast
Iran's Red Sea Threat Raises Stakes for Trump
Explore episode
Jul 15, 2026
Where this was said
The Strait of Hormuz Is Effectively Closed
At 9:15 · chapter starts 7:10
The visual evidence is damning. Satellite imagery and marine traffic data show virtually zero shipping movement in the Strait of Hormuz outside of Iranian routes — a real-time confirmation of the waterway's closure. Iran upgraded its anti-shipping arsenal from drones to cruise missiles, which are harder to intercept and more lethal, and has been systematically destroying any vessel the US Navy attempts to escort [1] — Ben Meiselas "Marine traffic data and satellite imagery confirm the Strait of Hormuz has been effectively shut down, with virtually zero non-Iranian ship…" 08:17 . Seven ships in seven days. The US has reimposed a blockade on Iranian ships, and Iran has responded by shutting down all other traffic. The dual blockades have effectively paralyzed one of the world's most critical energy chokepoints, with sinking cargo ships in the Persian Gulf providing the visual punctuation.
Strait of Hormuz virtually zero non-Iran traffic
Satellite and marine traffic data showed virtually zero shipping traffic through the Strait of Hormuz aside from Iranian routes, confirming Iran's effective blockade.
The Strait of Hormuz Is Effectively Closed
Marine traffic data and satellite imagery confirm the Strait of Hormuz has been effectively shut down, with virtually zero non-Iranian shipping. Only 10 vessels passed through on Monday — less than 10% of normal traffic — as Iran uses cruise missiles to destroy any ship attempting passage.
Oil Crack Spreads Hit Record $68 Per Barrel
The oil crack spread has hit $68 per barrel — near a historic high — while crude oil is approaching $90 per barrel. When both the raw crude price and the crack spread rise simultaneously, severe fuel shortages, especially diesel, become inevitable.
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