Oil Markets CERAWEEK 2026: With Hormuz shut, who fills the gap?
Mar 31, 2026
Binish Azhar, oil news editor tracking Gulf Coast exports and logistics. Eamonn Brennan, oil policy reporter focused on geopolitics and Washington messaging. Ashok Dutta, senior upstream editor covering shale and production trends. They discuss the Strait of Hormuz shutdown and who can replace that supply. They cover US Gulf Coast export surges, pipeline and completion limits, rising Canadian Pacific flows, and Venezuela’s reform pitch.
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Hormuz Closure Drives Policy Vs Market Divide
- Strait of Hormuz closure is the dominant shock shaping CERAWeek discussions on energy security and prices.
- Conference contrasted Trump administration calls to cap prices with industry warnings that reopening Hormuz is the real solution to lower prices.
Urge Producers To Supply More Crude Now
- Chris Wright and other administration officials urged producers to ramp up U.S. output to shore up energy security and cap price spikes.
- Industry pushed back, saying rapid supply response is constrained and reopening Hormuz is the key to price relief.
E15 Waiver Used As Short Term Price Patch
- EPA announced a summer E15 waiver framed as an emergency measure to ease gasoline prices amid Iran-driven uncertainty.
- Administrations have used this recurring tool since 2022 as a short-term patch favored by ethanol interests.