After three months of upheaval, the Iran conflict and near-total closure of the Strait of Hormuz have delivered a shock that has rewired global oil, fuel and LNG flows and caused historic disruption to energy product shipping in every region.
Argentina, Brunei and Gabon are not three countries that would appear to have much in common. But they are in a small group of energy producers that are big winners from the war against Iran.
The Iran war has upended crude oil and liquefied natural gas markets, but the impact on coal has been more muted, even as prices for thermal grades have quietly climbed to multi-year highs.