# Energy traders are navigating significant market volatility after Tehran’s effective closure of the key strait of Hormuz shipping route.

*business · news · 2026-04-14 · The Guardian*

## Key points

- BP expects 'exceptional' oil trading earnings due to volatility from the US-Israeli war on Iran.
- The International Energy Agency now forecasts a global oil demand decline of 80,000 barrels per day in 2024.
- Global oil supply dropped by over 10 million barrels per day in March, the largest disruption in history.
- BP's refining margins rose to $16.9 a barrel in Q1, boosting refined product earnings by up to $200 million.
- BP's new CEO Meg O’Neill will continue shifting focus from low-carbon projects to oil and gas for profitability.

**Companies:** BP, Shell
**Countries:** United Kingdom, United States, Iran

[Read the full story on The Guardian](https://www.theguardian.com/business/2026/apr/14/bp-trading-oil-prices-iran-war-profit-forecast)

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