After months of warfare, fresh signs of strain are appearing in the global oil market. Battle-hardened traders, anxious buyers, and stressed executives are converging on Singapore for the Asia-Pacific region's most significant industry gathering. More than six months after the US-Iran conflict erupted, Brent crude faces the risk of climbing back above $100 per barrel. Recent vessel attacks near the Strait of Hormuz threaten the recovery of crude shipments, while diesel supply in the refined products market is extremely tight.

In 2026, the Middle East conflict and the Russia-Ukraine war continue to stress-test the global crude market. With oil inventories declining, the Northern Hemisphere winter approaching, and inflation concerns mounting, these issues—and more—will take center stage at the S&P Global Energy Asia Pacific Petroleum Conference (APPEC), which kicks off Tuesday and runs throughout the week.

"Discussions will undoubtedly revolve around insufficient inventory buffers, the 'unsolvable' diesel market, Strait of Hormuz shipping concerns, and the Middle East and Russia-Ukraine conflicts," said Amrita Sen, founder and director of Energy Aspects Ltd. She is also a senior energy analyst set to attend this year's APPEC.

Singapore, as Asia's primary crude trading hub and a center for refining, financing, and logistics, is the natural choice to host this major event. This year's keynote speakers include Russell Hardy, CEO of Vitol Group, as well as representatives from Middle Eastern oil producers and financial institutions like Goldman Sachs Group. Beyond the main venue in the city center, a host of smaller but lavish evening social events will also take place in parallel.