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De-escalation Reactions, OIS Pricing 33bps, Iran Disruption as Structural Rewrite

Markets cheer “ceasefire” but miss reality: Hormuz becomes priced chokepoint, structural energy shift, Iran holds leverage.
8 April 2026

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

Latest reports

Rough Seas(fire) Ahead?

There has been a stark contrast between the deafening volume of speculation and hot takes and the incredibly low volume traded over the past
16 page report
9 April 2026

Brent Falls to $96.90/bbl

Yanbu flows hold post-attack; Hormuz traffic <10%, China tests transit, Japan may tap reserves, tensions keep supply risk elevated.
4 page report
9 April 2026

Brent above $98/bbl

Trump warns Iran; tensions persist as Hormuz remains controlled, tankers hesitate, and Libya reports new oil and gas discoveries.
4 page report
9 April 2026

Funds Keep Buying Brent

Funds to add Brent longs (5th week), cut shorts. RBOB shorts to rise, length falls for 3rd week.
8 page report
9 April 2026