March 30, 2026 04:37 AM GMT The Oil Manual | Europe Strait of Hormuz - Physical Air Pocket Arriving Now Four weeks in, the impact of the effective Hormuz closure is now spreading through the oil market. We leave our Brent forecasts unchanged, but near-term risks remain skewed to the upside. Key Takeaways Exhibit 1: Crude oil and refined products exports from the Middle East Gulf region have declined by more than 15 mb/d from their recent peak M Idea Morgan Stanley & Co. International plc+ Martijn Rats, CFA ...