Energy Watch: What Fleet Leaders Should Monitor This Month 

Recent tensions around the Strait of Hormuz, a narrow waterway that carries roughly one-fifth of the world’s oil supply, have put energy markets on alert. While global supply has not yet been significantly disrupted, even the possibility of delays or reduced tanker traffic could quickly influence fuel markets and shipping costs worldwide. 

For fleet, the immediate risk isn’t a shortage of fuel – it’s price volatility. Global benchmarks such as Brent crude tend to react rapidly to geopolitical uncertainty as we have seen in recent days.

There are also potential secondary supply chain effects to watch. If disruptions expand to other global shipping corridors, logistics costs for vehicles and components could rise further.

Wheels is closely monitoring these developments; this includes gathering intel from our fuel partners. Your Wheels Account Team will continue to provide strategic guidance as the situation evolves.

Some considerations: 

• Crude oil accounts for 50 to 60% of the cost of gasoline. 
• A $10 per barrel increase typically results in a 25 cent per gallon rise in gasoline. 
• The release of strategic reserves, increased US production and/or Venezuelan oil may help to ease pressures on rising costs.  
• If fuel prices rise substantially, your drivers’ ability to buy fuel efficiently could be impacted. You may want to adjust purchase thresholds to avoid fuel card declines, causing inconvenience for your drivers and operations. 

Additionally, here are some reliable market trackers.  

Useful sources to track developments: 

• U.S. Energy Information Administration – Daily oil price dashboards and market analysis 
• Reuters Energy – Real-time coverage of global energy markets and shipping disruptions 
• International Energy Agency (IEA) – Market outlooks and coordinated supply response updates 
• WSJ Major Oil & Gas Index: https://www.marketwatch.com/investing/index/wsjixusoil?countrycode=xx&utm 
• Dow Jones US Oil & Gas Index: https://www.spglobal.com/spdji/en/indices/equity/dow-jones-us-oil-gas-index/?utm