Physical trade across global commodity sectors faces acute dislocation as tanker transits through the Strait of Hormuz drop to seven vessels, driving Shell's indicative refining margins up to $42 per barrel and prompting the IEA to accelerate a 100-million-barrel emergency reserve release focused on diesel. Concurrently, London tin holds above $50,000 per metric ton on sustained artificial intelligence hardware demand, contrasting with a 37% cash drop at Fortescue due to centralized Chinese purchasing curbs, while Black Sea port strikes force the cancellation of a 20,000-ton Indian vegetable oil shipment.
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