During the Iran war, the market’s most reliable winners haven’t been extractors or refiners. Instead, it's the companies that own the tankers setting the market pace, especially those operating Very Large Crude Carriers (VLCCs).
VLCCs each haul around 2 million barrels of crude oil per voyage. And, before the conflict began, more than 100 of them would transit the Strait of Hormuz on a normal day. But these are not normal days.
