As war-driven disruptions gripped global oil markets, a sharp supply shock rippled through the system, turning crude into one of the most sought-after assets and lifting energy stocks across the board. At the heart of the turmoil was the Strait of Hormuz, a critical artery for 20% of global oil, where Iran’s restrictions tightened flows and forced a rapid reshaping of trade routes.
With fewer cargoes available in benchmark markets and pricing mechanisms shifting almost overnight, volatility surged, creating a rare window for a dominant player to seize control. And that’s exactly where TotalEnergies SE (TTE) made its move. Leveraging its deep-rooted infrastructure in the Middle East, TotalEnergies executed a masterclass in market timing, locking in nearly every available May-loading cargo from the UAE and Oman, around 70 shipments last month, just as supply tightened and competition thinned.
