The Strait of Hormuz reopening is unlikely in the short term; refiners are paying huge premiums to buy other crude oils.

To address the shortage of Middle Eastern supplies, refineries are rushing to purchase crude oil from other regions and are paying increasingly higher premiums for it. The signs of global market turbulence triggered by the Iran war are becoming more evident. Beyond well-known crude oil futures markets like Brent crude and West Texas Intermediate, there are hundreds of less-known crude oil types, whose prices are usually only 1 to 2 dollars higher or lower than the international benchmark. But now, these price differences are rapidly widening to premiums of $10 per barrel or more, as refineries—especially those in Asia—are eager to secure alternative supplies. The premium on spot crude oil is important because it reflects supply and demand balance, influences refinery procurement decisions, and drives trade flows. (Sina Finance)