Fuel Origin

Events / Shipping disruption

Strait of Hormuz shipping disruption (2026)

Dates
2026-02-28 → no end date recorded
Dated to
the day
Status
Ongoing
Scope
Strait of Hormuz / Persian Gulf

What the sources said

Onset date as published by two independent agencies. IEA, 11 March 2026: "The conflict in the Middle East that began on 28 February 2026 has impeded oil flows through the Strait of Hormuz, with export volumes of crude and refined products currently at less than 10% of pre-conflict levels." EIA Short-Term Energy Outlook, April 2026: "The strait has been effectively closed to shipping traffic since military action began on February 28." EIA STEO March 2026 dates the same onset ("the onset of military action in the Middle East that began on February 28"). Reported transit volumes: EIA STEO August 2026 - "crude oil and petroleum liquids transported through the Strait of Hormuz averaged 4.9 million barrels per day (b/d) in the second quarter of 2026 (2Q26), down from an average of 21.6 million b/d in 4Q25 before the conflict began"; IEA commentary 22 June 2026 gives an average of 2.7 million b/d for March-May 2026 against "around 20 million barrels per day" before. Date disagreement recorded, not resolved: EIA Today in Energy of 15 July 2026 dates the US-Iran memorandum of understanding on resuming traffic to 17 June 2026, while the EIA press release of 7 July 2026 dates the same memorandum to 18 June 2026. No end date is recorded: EIA STEO September 2026 still describes flows through the strait as constrained and variable, and EIA STEO August 2026 records renewed attacks on tankers from 7 July 2026. This row is a timeline marker only; it makes no statement about prices.

IEA, EIA, European Commission, European Council and national legislators (cited per row)Verified
Retrieved 2026-09-23 07:22 UTCRevision 1
Source documents (7)
CountryCountryGermanyFranceNetherlandsPolandFinlandEstoniaAustriaBelgiumBulgariaCroatiaCyprusCzechiaDenmarkGreeceHungaryIrelandItalyLatviaLithuaniaLuxembourgMaltaPortugalRomaniaSlovakiaSloveniaSpainSweden
FuelFuelDiesel (automotive gas oil)Petrol (Euro-super 95)Both fuels

Choosing a fuel keeps that fuel's series and the channels shared by every fuel - the crude benchmark, FX, crude imports and Hormuz exposure. It drops only the other fuel's series.

The event window

What each series was worth from -30 to 90 days around the event date, how far that is from the same series' level at the event date, and how big that move is against the series' own normal variation.

Poland, all fuels in this run. 22 series can be drawn; 7 cannot be seen at all and are shown as labelled empty panels below.

266 published readings, 20 offsets with nothing published within one period, and 91 offsets on series we cannot see at all. Every one of them is on this page.

Europe Brent spot FOB

Unit: $ per barrelPublished: dailyCalculatedHigh
T0−30−14T0+14+30+60+90130.763.52026-01-29: 71.00 $ per barrel, used for offsets −302026-02-13: 69.96 $ per barrel, used for offsets −142026-02-20: 72.75 $ per barrel, used for offsets −72026-02-25: 70.69 $ per barrel, used for offsets −3same print as T0 — 2026-02-27, 71.32 $ per barrel, used for offsets −1, T0, +12026-03-03: 83.28 $ per barrel, used for offsets +32026-03-06: 95.74 $ per barrel, used for offsets +72026-03-13: 103.2 $ per barrel, used for offsets +142026-03-30: 121.9 $ per barrel, used for offsets +302026-04-29: 124.2 $ per barrel, used for offsets +602026-05-29: 92.88 $ per barrel, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset.

Window table for Europe Brent spot FOB: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302026-01-2971.00-0.320-0.45%-0.23
−142026-02-1369.96-1.360-1.91%-0.99
−72026-02-2072.75+1.430+2.01%+1.04
−32026-02-2570.69-0.630-0.88%-0.46
−12026-02-27same print as T071.320.0000.00%0.00
T02026-02-27same print as T071.320.0000.00%0.00
+12026-02-27same print as T071.320.0000.00%0.00
+32026-03-0383.28+11.960+16.77%+8.68
+72026-03-0695.74+24.420+34.24%+17.72
+142026-03-13103.2+31.910+44.74%+23.16
+302026-03-30121.9+50.560+70.89%+36.70
+602026-04-29124.2+52.840+74.09%+38.35
+902026-05-2992.88+21.560+30.23%+15.65

One volatility unit for this series is 1.93%, the standard deviation of its own day-on-day percentage changes over the three years before the event (756 changes). It is not a significance test.

reported crude oil imports, all origins

Unit: tonnesPublished: monthlyCalculatedHigh
T0−30−14T0+14+30+60+902,146,8861,416,8142026-01-01: 2,076,234 tonnes, used for offsets −30same print as T0 — 2026-02-01, 1,862,117 tonnes, used for offsets −14, −7, −3, −1, T02026-03-01: 1,662,721 tonnes, used for offsets +1, +3, +7, +14, +302026-04-01: 1,893,151 tonnes, used for offsets +602026-05-01: 1,487,466 tonnes, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits.

Window table for reported crude oil imports, all origins: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302026-01-012,076,234+214,117+11.50%+0.89
−142026-02-01same print as T01,862,1170.0000.00%0.00
−72026-02-01same print as T01,862,1170.0000.00%0.00
−32026-02-01same print as T01,862,1170.0000.00%0.00
−12026-02-01same print as T01,862,1170.0000.00%0.00
T02026-02-01same print as T01,862,1170.0000.00%0.00
+12026-03-011,662,721-199,396-10.71%-0.83
+32026-03-011,662,721-199,396-10.71%-0.83
+72026-03-011,662,721-199,396-10.71%-0.83
+142026-03-011,662,721-199,396-10.71%-0.83
+302026-03-011,662,721-199,396-10.71%-0.83
+602026-04-011,893,151+31,034+1.67%+0.13
+902026-05-011,487,466-374,651-20.12%-1.55

One volatility unit for this series is 12.96%, the standard deviation of its own month-on-month percentage changes over the three years before the event (35 changes). It is not a significance test.

crude-only expected pre-tax price: the T0 bulletin-week price plus what the stored pass-through curves say crude alone would have done since

Unit: € per litrePublished: weeklyCalculatedMedium
T0−30−14T0+14+30+60+901.2640.6712026-01-26: 0.7283 € per litre, used for offsets −302026-02-09: 0.7428 € per litre, used for offsets −142026-02-16: 0.7474 € per litre, used for offsets −7same print as T0 — 2026-02-23, 0.7559 € per litre, used for offsets −3, −1, T0, +12026-03-02: 0.7768 € per litre, used for offsets +3, +72026-03-09: 0.8855 € per litre, used for offsets +142026-03-30: 1.093 € per litre, used for offsets +302026-04-27: 1.140 € per litre, used for offsets +602026-05-25: 1.207 € per litre, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits.

Window table for crude-only expected pre-tax price: the T0 bulletin-week price plus what the stored pass-through curves say crude alone would have done since: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302026-01-260.7283-0.028-3.66%-0.21
−142026-02-090.7428-0.013-1.73%-0.10
−72026-02-160.7474-0.009-1.13%-0.07
−32026-02-23same print as T00.75590.0000.00%0.00
−12026-02-23same print as T00.75590.0000.00%0.00
T02026-02-23same print as T00.75590.0000.00%0.00
+12026-02-23same print as T00.75590.0000.00%0.00
+32026-03-020.7768+0.021+2.75%+0.16
+72026-03-020.7768+0.021+2.75%+0.16
+142026-03-090.8855+0.130+17.14%+0.99
+302026-03-301.093+0.337+44.59%+2.58
+602026-04-271.140+0.384+50.76%+2.94
+902026-05-251.207+0.451+59.64%+3.46

One volatility unit for this series is 17.25%, the standard deviation of its own week-on-week percentage changes over the three years before the event (155 changes). It is not a significance test.

crude-only expected pre-tax price: the T0 bulletin-week price plus what the stored pass-through curves say crude alone would have done since

Unit: € per litrePublished: weeklyCalculatedMedium
T0−30−14T0+14+30+60+901.1610.6192026-01-26: 0.6712 € per litre, used for offsets −302026-02-09: 0.6806 € per litre, used for offsets −142026-02-16: 0.6843 € per litre, used for offsets −7same print as T0 — 2026-02-23, 0.6879 € per litre, used for offsets −3, −1, T0, +12026-03-02: 0.7199 € per litre, used for offsets +3, +72026-03-09: 0.7705 € per litre, used for offsets +142026-03-30: 0.9567 € per litre, used for offsets +302026-04-27: 1.022 € per litre, used for offsets +602026-05-25: 1.108 € per litre, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits.

Window table for crude-only expected pre-tax price: the T0 bulletin-week price plus what the stored pass-through curves say crude alone would have done since: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302026-01-260.6712-0.017-2.42%-0.11
−142026-02-090.6806-0.007-1.05%-0.05
−72026-02-160.6843-0.004-0.52%-0.02
−32026-02-23same print as T00.68790.0000.00%0.00
−12026-02-23same print as T00.68790.0000.00%0.00
T02026-02-23same print as T00.68790.0000.00%0.00
+12026-02-23same print as T00.68790.0000.00%0.00
+32026-03-020.7199+0.032+4.66%+0.21
+72026-03-020.7199+0.032+4.66%+0.21
+142026-03-090.7705+0.083+12.02%+0.53
+302026-03-300.9567+0.269+39.08%+1.72
+602026-04-271.022+0.334+48.56%+2.14
+902026-05-251.108+0.420+61.11%+2.70

One volatility unit for this series is 22.67%, the standard deviation of its own week-on-week percentage changes over the three years before the event (155 changes). It is not a significance test.

ECB euro foreign exchange reference rate

Unit: US dollars per euroPublished: dailyCalculatedHigh
T0−30−14T0+14+30+60+901.2031.1422026-01-29: 1.197 US dollars per euro, used for offsets −302026-02-13: 1.186 US dollars per euro, used for offsets −142026-02-20: 1.177 US dollars per euro, used for offsets −72026-02-25: 1.178 US dollars per euro, used for offsets −3same print as T0 — 2026-02-27, 1.181 US dollars per euro, used for offsets −1, T0, +12026-03-03: 1.161 US dollars per euro, used for offsets +32026-03-06: 1.156 US dollars per euro, used for offsets +72026-03-13: 1.148 US dollars per euro, used for offsets +142026-03-30: 1.148 US dollars per euro, used for offsets +302026-04-29: 1.171 US dollars per euro, used for offsets +602026-05-29: 1.164 US dollars per euro, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset.

Window table for ECB euro foreign exchange reference rate: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302026-01-291.197+0.016+1.38%+3.12
−142026-02-131.186+0.006+0.48%+1.09
−72026-02-201.177-0.004-0.32%-0.73
−32026-02-251.178-0.002-0.18%-0.40
−12026-02-27same print as T01.1810.0000.00%0.00
T02026-02-27same print as T01.1810.0000.00%0.00
+12026-02-27same print as T01.1810.0000.00%0.00
+32026-03-031.161-0.020-1.69%-3.81
+72026-03-061.156-0.024-2.07%-4.67
+142026-03-131.148-0.033-2.79%-6.29
+302026-03-301.148-0.032-2.72%-6.14
+602026-04-291.171-0.010-0.84%-1.89
+902026-05-291.164-0.016-1.36%-3.08

One volatility unit for this series is 0.44%, the standard deviation of its own day-on-day percentage changes over the three years before the event (765 changes). It is not a significance test.

direct crude Hormuz exposure D1

Unit: % of imported tonnesPublished: monthlyUnknownUnknown
T0−30−14T0+14+30+60+9050.760.002026-01-01: 0 to 35.34 % of imported tonnes. No point estimate is published, so no midpoint is drawn.2026-02-01: 0 to 45.32 % of imported tonnes. No point estimate is published, so no midpoint is drawn.2026-03-01: 0 to 34.94 % of imported tonnes. No point estimate is published, so no midpoint is drawn.2026-04-01: 0 to 39.74 % of imported tonnes. No point estimate is published, so no midpoint is drawn.2026-05-01: 0 to 33.35 % of imported tonnes. No point estimate is published, so no midpoint is drawn.

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits. The shaded band is the admissible range. No midpoint is drawn, because no point estimate is published.

Window table for direct crude Hormuz exposure D1: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302026-01-010–35.34not publishednot publishednot published
−142026-02-010–45.32not publishednot publishednot published
−72026-02-010–45.32not publishednot publishednot published
−32026-02-010–45.32not publishednot publishednot published
−12026-02-010–45.32not publishednot publishednot published
T02026-02-010–45.32not publishednot publishednot published
+12026-03-010–34.94not publishednot publishednot published
+32026-03-010–34.94not publishednot publishednot published
+72026-03-010–34.94not publishednot publishednot published
+142026-03-010–34.94not publishednot publishednot published
+302026-03-010–34.94not publishednot publishednot published
+602026-04-010–39.74not publishednot publishednot published
+902026-05-010–33.35not publishednot publishednot published

No normal volatility is published for this series, so no change is expressed in volatility units. That is a missing input, not a zero.

direct refined-product Hormuz exposure D2

Unit: % of imported tonnesPublished: monthlyUnknownUnknown
T0−30−14T0+14+30+60+908.1280.000same print as T0 — 2026-02-01, 0 % of imported tonnes, used for offsets −14, −7, −3, −1, T02026-05-01: 0 % of imported tonnes, used for offsets +902026-01-01: 0 to 3.639 % of imported tonnes. No point estimate is published, so no midpoint is drawn.2026-03-01: 5.845 to 7.257 % of imported tonnes. No point estimate is published, so no midpoint is drawn.2026-04-01: 0 to 0.0016 % of imported tonnes. No point estimate is published, so no midpoint is drawn.

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits. The shaded band is the admissible range. No midpoint is drawn, because no point estimate is published.

Window table for direct refined-product Hormuz exposure D2: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302026-01-010–3.639not publishednot publishednot published
−142026-02-01same print as T000.000not publishednot published
−72026-02-01same print as T000.000not publishednot published
−32026-02-01same print as T000.000not publishednot published
−12026-02-01same print as T000.000not publishednot published
T02026-02-01same print as T000.000not publishednot published
+12026-03-015.845–7.257not publishednot publishednot published
+32026-03-015.845–7.257not publishednot publishednot published
+72026-03-015.845–7.257not publishednot publishednot published
+142026-03-015.845–7.257not publishednot publishednot published
+302026-03-015.845–7.257not publishednot publishednot published
+602026-04-010–0.0016not publishednot publishednot published
+902026-05-0100.000not publishednot published

No normal volatility is published for this series, so no change is expressed in volatility units. That is a missing input, not a zero.

inventory exposure D7: published days of emergency stock cover, carried through

Unit: days of coverPublished: monthlyCalculatedHigh
T0−30−14T0+14+30+60+9091.5791.452026-01-01: 91.55 days of cover, used for offsets −30same print as T0 — 2026-02-01, 91.55 days of cover, used for offsets −14, −7, −3, −1, T02026-03-01: 91.48 days of cover, used for offsets +1, +3, +7, +14, +302026-04-01: 91.46 days of cover, used for offsets +602026-05-01: 91.49 days of cover, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits.

Window table for inventory exposure D7: published days of emergency stock cover, carried through: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302026-01-0191.55+0.003+0.00%+0.00
−142026-02-01same print as T091.550.0000.00%0.00
−72026-02-01same print as T091.550.0000.00%0.00
−32026-02-01same print as T091.550.0000.00%0.00
−12026-02-01same print as T091.550.0000.00%0.00
T02026-02-01same print as T091.550.0000.00%0.00
+12026-03-0191.48-0.072-0.08%-0.03
+32026-03-0191.48-0.072-0.08%-0.03
+72026-03-0191.48-0.072-0.08%-0.03
+142026-03-0191.48-0.072-0.08%-0.03
+302026-03-0191.48-0.072-0.08%-0.03
+602026-04-0191.46-0.090-0.10%-0.03
+902026-05-0191.49-0.063-0.07%-0.02

One volatility unit for this series is 3.04%, the standard deviation of its own month-on-month percentage changes over the three years before the event (35 changes). It is not a significance test.

crude cost per litre: Brent in EUR/L averaged over the bulletin week (refinery yield not modelled)

Unit: € per litrePublished: weeklyCalculatedMedium
T0−30−14T0+14+30+60+900.7130.3352026-01-26: 0.3714 € per litre, used for offsets −302026-02-09: 0.3742 € per litre, used for offsets −142026-02-16: 0.3817 € per litre, used for offsets −7same print as T0 — 2026-02-23, 0.3806 € per litre, used for offsets −3, −1, T0, +12026-03-02: 0.4615 € per litre, used for offsets +3, +72026-03-09: 0.5233 € per litre, used for offsets +142026-03-30: 0.6763 € per litre, used for offsets +302026-04-27: 0.6445 € per litre, used for offsets +602026-05-25: 0.5248 € per litre, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits.

Window table for crude cost per litre: Brent in EUR/L averaged over the bulletin week (refinery yield not modelled): value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302026-01-260.3714-0.009-2.40%-0.66
−142026-02-090.3742-0.006-1.68%-0.46
−72026-02-160.3817+0.001+0.29%+0.08
−32026-02-23same print as T00.38060.0000.00%0.00
−12026-02-23same print as T00.38060.0000.00%0.00
T02026-02-23same print as T00.38060.0000.00%0.00
+12026-02-23same print as T00.38060.0000.00%0.00
+32026-03-020.4615+0.081+21.26%+5.80
+72026-03-020.4615+0.081+21.26%+5.80
+142026-03-090.5233+0.143+37.50%+10.24
+302026-03-300.6763+0.296+77.69%+21.21
+602026-04-270.6445+0.264+69.35%+18.93
+902026-05-250.5248+0.144+37.88%+10.34

One volatility unit for this series is 3.66%, the standard deviation of its own week-on-week percentage changes over the three years before the event (155 changes). It is not a significance test.

crude cost per litre: Brent in EUR/L averaged over the bulletin week (refinery yield not modelled)

Unit: € per litrePublished: weeklyCalculatedMedium
T0−30−14T0+14+30+60+900.7130.3352026-01-26: 0.3714 € per litre, used for offsets −302026-02-09: 0.3742 € per litre, used for offsets −142026-02-16: 0.3817 € per litre, used for offsets −7same print as T0 — 2026-02-23, 0.3806 € per litre, used for offsets −3, −1, T0, +12026-03-02: 0.4615 € per litre, used for offsets +3, +72026-03-09: 0.5233 € per litre, used for offsets +142026-03-30: 0.6763 € per litre, used for offsets +302026-04-27: 0.6445 € per litre, used for offsets +602026-05-25: 0.5248 € per litre, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits.

Window table for crude cost per litre: Brent in EUR/L averaged over the bulletin week (refinery yield not modelled): value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302026-01-260.3714-0.009-2.40%-0.66
−142026-02-090.3742-0.006-1.68%-0.46
−72026-02-160.3817+0.001+0.29%+0.08
−32026-02-23same print as T00.38060.0000.00%0.00
−12026-02-23same print as T00.38060.0000.00%0.00
T02026-02-23same print as T00.38060.0000.00%0.00
+12026-02-23same print as T00.38060.0000.00%0.00
+32026-03-020.4615+0.081+21.26%+5.80
+72026-03-020.4615+0.081+21.26%+5.80
+142026-03-090.5233+0.143+37.50%+10.24
+302026-03-300.6763+0.296+77.69%+21.21
+602026-04-270.6445+0.264+69.35%+18.93
+902026-05-250.5248+0.144+37.88%+10.34

One volatility unit for this series is 3.66%, the standard deviation of its own week-on-week percentage changes over the three years before the event (155 changes). It is not a significance test.

national total oil stocks (Eurostat, commercial holders), with the published days of cover alongside

Unit: tonnesPublished: monthlyCalculatedHigh
T0−30−14T0+14+30+60+9011,473,01010,814,7012026-01-01: 11,235,507 tonnes, used for offsets −30same print as T0 — 2026-02-01, 11,312,889 tonnes, used for offsets −14, −7, −3, −1, T02026-03-01: 11,409,303 tonnes, used for offsets +1, +3, +7, +14, +302026-04-01: 11,325,027 tonnes, used for offsets +602026-05-01: 10,878,408 tonnes, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits.

Window table for national total oil stocks (Eurostat, commercial holders), with the published days of cover alongside: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302026-01-0111,235,507-77,382-0.68%-0.31
−142026-02-01same print as T011,312,8890.0000.00%0.00
−72026-02-01same print as T011,312,8890.0000.00%0.00
−32026-02-01same print as T011,312,8890.0000.00%0.00
−12026-02-01same print as T011,312,8890.0000.00%0.00
T02026-02-01same print as T011,312,8890.0000.00%0.00
+12026-03-0111,409,303+96,414+0.85%+0.38
+32026-03-0111,409,303+96,414+0.85%+0.38
+72026-03-0111,409,303+96,414+0.85%+0.38
+142026-03-0111,409,303+96,414+0.85%+0.38
+302026-03-0111,409,303+96,414+0.85%+0.38
+602026-04-0111,325,027+12,138+0.11%+0.05
+902026-05-0110,878,408-434,481-3.84%-1.72

One volatility unit for this series is 2.23%, the standard deviation of its own month-on-month percentage changes over the three years before the event (35 changes). It is not a significance test.

not explained by crude: actual pre-tax change since T0 minus the crude-only expected change. Never attributed

Unit: € per litrePublished: weeklyCalculatedMedium
T0−30−14T0+14+30+60+900.252-0.1072026-01-26: 0.0073 € per litre, used for offsets −302026-02-09: -0.0037 € per litre, used for offsets −142026-02-16: -0.0026 € per litre, used for offsets −7same print as T0 — 2026-02-23, 0 € per litre, used for offsets −3, −1, T0, +12026-03-02: -0.0161 € per litre, used for offsets +3, +72026-03-09: 0.1259 € per litre, used for offsets +142026-03-30: 0.2175 € per litre, used for offsets +302026-04-27: 0.0274 € per litre, used for offsets +602026-05-25: -0.0723 € per litre, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits.

Window table for not explained by crude: actual pre-tax change since T0 minus the crude-only expected change. Never attributed: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302026-01-260.0073+0.007not publishednot published
−142026-02-09-0.0037-0.004not publishednot published
−72026-02-16-0.0026-0.003not publishednot published
−32026-02-23same print as T000.000not publishednot published
−12026-02-23same print as T000.000not publishednot published
T02026-02-23same print as T000.000not publishednot published
+12026-02-23same print as T000.000not publishednot published
+32026-03-02-0.0161-0.016not publishednot published
+72026-03-02-0.0161-0.016not publishednot published
+142026-03-090.1259+0.126not publishednot published
+302026-03-300.2175+0.218not publishednot published
+602026-04-270.0274+0.027not publishednot published
+902026-05-25-0.0723-0.072not publishednot published

No normal volatility is published for this series, so no change is expressed in volatility units. That is a missing input, not a zero.

not explained by crude: actual pre-tax change since T0 minus the crude-only expected change. Never attributed

Unit: € per litrePublished: weeklyCalculatedMedium
T0−30−14T0+14+30+60+900.069-0.0842026-01-26: -0.0121 € per litre, used for offsets −302026-02-09: -0.0150 € per litre, used for offsets −142026-02-16: -0.0083 € per litre, used for offsets −7same print as T0 — 2026-02-23, 0 € per litre, used for offsets −3, −1, T0, +12026-03-02: -0.0308 € per litre, used for offsets +3, +72026-03-09: 0.0238 € per litre, used for offsets +142026-03-30: 0.0540 € per litre, used for offsets +302026-04-27: -0.0465 € per litre, used for offsets +602026-05-25: -0.0690 € per litre, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits.

Window table for not explained by crude: actual pre-tax change since T0 minus the crude-only expected change. Never attributed: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302026-01-26-0.0121-0.012not publishednot published
−142026-02-09-0.0150-0.015not publishednot published
−72026-02-16-0.0083-0.008not publishednot published
−32026-02-23same print as T000.000not publishednot published
−12026-02-23same print as T000.000not publishednot published
T02026-02-23same print as T000.000not publishednot published
+12026-02-23same print as T000.000not publishednot published
+32026-03-02-0.0308-0.031not publishednot published
+72026-03-02-0.0308-0.031not publishednot published
+142026-03-090.0238+0.024not publishednot published
+302026-03-300.0540+0.054not publishednot published
+602026-04-27-0.0465-0.047not publishednot published
+902026-05-25-0.0690-0.069not publishednot published

No normal volatility is published for this series, so no change is expressed in volatility units. That is a missing input, not a zero.

Weekly Oil Bulletin price with taxes

Unit: € per litrePublished: weeklyCalculatedHigh
T0−30−14T0+14+30+60+902.0921.3262026-01-26: 1.400 € per litre, used for offsets −302026-02-09: 1.404 € per litre, used for offsets −142026-02-16: 1.411 € per litre, used for offsets −7same print as T0 — 2026-02-23, 1.424 € per litre, used for offsets −3, −1, T0, +12026-03-02: 1.426 € per litre, used for offsets +3, +72026-03-09: 1.731 € per litre, used for offsets +142026-03-30: 2.017 € per litre, used for offsets +302026-04-27: 1.620 € per litre, used for offsets +602026-05-25: 1.586 € per litre, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits.

Window table for Weekly Oil Bulletin price with taxes: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302026-01-261.400-0.024-1.69%-1.25
−142026-02-091.404-0.020-1.41%-1.04
−72026-02-161.411-0.013-0.90%-0.67
−32026-02-23same print as T01.4240.0000.00%0.00
−12026-02-23same print as T01.4240.0000.00%0.00
T02026-02-23same print as T01.4240.0000.00%0.00
+12026-02-23same print as T01.4240.0000.00%0.00
+32026-03-021.426+0.003+0.19%+0.14
+72026-03-021.426+0.003+0.19%+0.14
+142026-03-091.731+0.307+21.57%+15.94
+302026-03-302.017+0.594+41.70%+30.81
+602026-04-271.620+0.196+13.80%+10.19
+902026-05-251.586+0.162+11.38%+8.41

One volatility unit for this series is 1.35%, the standard deviation of its own week-on-week percentage changes over the three years before the event (155 changes). It is not a significance test.

Weekly Oil Bulletin price with taxes

Unit: € per litrePublished: weeklyCalculatedHigh
T0−30−14T0+14+30+60+901.7211.3022026-01-26: 1.342 € per litre, used for offsets −302026-02-09: 1.350 € per litre, used for offsets −142026-02-16: 1.363 € per litre, used for offsets −7same print as T0 — 2026-02-23, 1.377 € per litre, used for offsets −3, −1, T0, +12026-03-02: 1.375 € per litre, used for offsets +3, +72026-03-09: 1.500 € per litre, used for offsets +142026-03-30: 1.681 € per litre, used for offsets +302026-04-27: 1.443 € per litre, used for offsets +602026-05-25: 1.512 € per litre, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits.

Window table for Weekly Oil Bulletin price with taxes: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302026-01-261.342-0.034-2.49%-1.98
−142026-02-091.350-0.027-1.94%-1.54
−72026-02-161.363-0.014-1.00%-0.80
−32026-02-23same print as T01.3770.0000.00%0.00
−12026-02-23same print as T01.3770.0000.00%0.00
T02026-02-23same print as T01.3770.0000.00%0.00
+12026-02-23same print as T01.3770.0000.00%0.00
+32026-03-021.375-0.002-0.14%-0.11
+72026-03-021.375-0.002-0.14%-0.11
+142026-03-091.500+0.123+8.96%+7.14
+302026-03-301.681+0.304+22.07%+17.60
+602026-04-271.443+0.066+4.78%+3.81
+902026-05-251.512+0.136+9.86%+7.86

One volatility unit for this series is 1.25%, the standard deviation of its own week-on-week percentage changes over the three years before the event (155 changes). It is not a significance test.

Weekly Oil Bulletin price without taxes

Unit: € per litrePublished: weeklyCalculatedHigh
T0−30−14T0+14+30+60+901.3800.6672026-01-26: 0.7355 € per litre, used for offsets −302026-02-09: 0.7391 € per litre, used for offsets −142026-02-16: 0.7448 € per litre, used for offsets −7same print as T0 — 2026-02-23, 0.7559 € per litre, used for offsets −3, −1, T0, +12026-03-02: 0.7607 € per litre, used for offsets +3, +72026-03-09: 1.011 € per litre, used for offsets +142026-03-30: 1.311 € per litre, used for offsets +302026-04-27: 1.167 € per litre, used for offsets +602026-05-25: 1.135 € per litre, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits.

Window table for Weekly Oil Bulletin price without taxes: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302026-01-260.7355-0.020-2.70%-1.44
−142026-02-090.7391-0.017-2.22%-1.19
−72026-02-160.7448-0.011-1.47%-0.79
−32026-02-23same print as T00.75590.0000.00%0.00
−12026-02-23same print as T00.75590.0000.00%0.00
T02026-02-23same print as T00.75590.0000.00%0.00
+12026-02-23same print as T00.75590.0000.00%0.00
+32026-03-020.7607+0.005+0.63%+0.33
+72026-03-020.7607+0.005+0.63%+0.33
+142026-03-091.011+0.255+33.79%+18.08
+302026-03-301.311+0.555+73.36%+39.25
+602026-04-271.167+0.411+54.39%+29.10
+902026-05-251.135+0.379+50.08%+26.80

One volatility unit for this series is 1.87%, the standard deviation of its own week-on-week percentage changes over the three years before the event (155 changes). It is not a significance test.

Weekly Oil Bulletin price without taxes

Unit: € per litrePublished: weeklyCalculatedHigh
T0−30−14T0+14+30+60+901.0850.6142026-01-26: 0.6591 € per litre, used for offsets −302026-02-09: 0.6656 € per litre, used for offsets −142026-02-16: 0.6760 € per litre, used for offsets −7same print as T0 — 2026-02-23, 0.6879 € per litre, used for offsets −3, −1, T0, +12026-03-02: 0.6891 € per litre, used for offsets +3, +72026-03-09: 0.7943 € per litre, used for offsets +142026-03-30: 1.011 € per litre, used for offsets +302026-04-27: 0.9754 € per litre, used for offsets +602026-05-25: 1.039 € per litre, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits.

Window table for Weekly Oil Bulletin price without taxes: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302026-01-260.6591-0.029-4.18%-2.37
−142026-02-090.6656-0.022-3.23%-1.83
−72026-02-160.6760-0.012-1.73%-0.98
−32026-02-23same print as T00.68790.0000.00%0.00
−12026-02-23same print as T00.68790.0000.00%0.00
T02026-02-23same print as T00.68790.0000.00%0.00
+12026-02-23same print as T00.68790.0000.00%0.00
+32026-03-020.6891+0.001+0.17%+0.10
+72026-03-020.6891+0.001+0.17%+0.10
+142026-03-090.7943+0.106+15.48%+8.77
+302026-03-301.011+0.323+46.92%+26.60
+602026-04-270.9754+0.287+41.79%+23.69
+902026-05-251.039+0.351+51.09%+28.96

One volatility unit for this series is 1.76%, the standard deviation of its own week-on-week percentage changes over the three years before the event (155 changes). It is not a significance test.

total tax per litre: price with taxes minus price without taxes

Unit: € per litrePublished: weeklyCalculatedMedium
T0−30−14T0+14+30+60+900.7520.4192026-01-26: 0.6641 € per litre, used for offsets −302026-02-09: 0.6646 € per litre, used for offsets −142026-02-16: 0.6660 € per litre, used for offsets −7same print as T0 — 2026-02-23, 0.6678 € per litre, used for offsets −3, −1, T0, +12026-03-02: 0.6658 € per litre, used for offsets +3, +72026-03-09: 0.7195 € per litre, used for offsets +142026-03-30: 0.7069 € per litre, used for offsets +302026-04-27: 0.4531 € per litre, used for offsets +602026-05-25: 0.4513 € per litre, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits.

Window table for total tax per litre: price with taxes minus price without taxes: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302026-01-260.6641-0.004-0.55%-0.63
−142026-02-090.6646-0.003-0.48%-0.56
−72026-02-160.6660-0.002-0.26%-0.30
−32026-02-23same print as T00.66780.0000.00%0.00
−12026-02-23same print as T00.66780.0000.00%0.00
T02026-02-23same print as T00.66780.0000.00%0.00
+12026-02-23same print as T00.66780.0000.00%0.00
+32026-03-020.6658-0.002-0.30%-0.35
+72026-03-020.6658-0.002-0.30%-0.35
+142026-03-090.7195+0.052+7.74%+8.92
+302026-03-300.7069+0.039+5.85%+6.74
+602026-04-270.4531-0.215-32.16%-37.07
+902026-05-250.4513-0.217-32.42%-37.38

One volatility unit for this series is 0.87%, the standard deviation of its own week-on-week percentage changes over the three years before the event (155 changes). It is not a significance test.

total tax per litre: price with taxes minus price without taxes

Unit: € per litrePublished: weeklyCalculatedMedium
T0−30−14T0+14+30+60+900.7340.4392026-01-26: 0.6833 € per litre, used for offsets −302026-02-09: 0.6844 € per litre, used for offsets −142026-02-16: 0.6869 € per litre, used for offsets −7same print as T0 — 2026-02-23, 0.6888 € per litre, used for offsets −3, −1, T0, +12026-03-02: 0.6858 € per litre, used for offsets +3, +72026-03-09: 0.7057 € per litre, used for offsets +142026-03-30: 0.6699 € per litre, used for offsets +302026-04-27: 0.4672 € per litre, used for offsets +602026-05-25: 0.4732 € per litre, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits.

Window table for total tax per litre: price with taxes minus price without taxes: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302026-01-260.6833-0.005-0.80%-0.97
−142026-02-090.6844-0.004-0.64%-0.78
−72026-02-160.6869-0.002-0.27%-0.33
−32026-02-23same print as T00.68880.0000.00%0.00
−12026-02-23same print as T00.68880.0000.00%0.00
T02026-02-23same print as T00.68880.0000.00%0.00
+12026-02-23same print as T00.68880.0000.00%0.00
+32026-03-020.6858-0.003-0.44%-0.54
+72026-03-020.6858-0.003-0.44%-0.54
+142026-03-090.7057+0.017+2.45%+2.98
+302026-03-300.6699-0.019-2.74%-3.33
+602026-04-270.4672-0.222-32.18%-39.10
+902026-05-250.4732-0.216-31.30%-38.04

One volatility unit for this series is 0.82%, the standard deviation of its own week-on-week percentage changes over the three years before the event (155 changes). It is not a significance test.

US proxy - not a European price: US diesel spot minus Brent spot, USD per barrel. A proxy for the Atlantic-basin product market, NOT a measure of European refining margins (§H).

Unit: $ per barrelPublished: dailyCalculatedLow
T0−30−14T0+14+30+60+9071.0527.842026-01-29: 32.03 $ per barrel, used for offsets −302026-02-13: 32.27 $ per barrel, used for offsets −142026-02-20: 37.84 $ per barrel, used for offsets −72026-02-25: 43.84 $ per barrel, used for offsets −3same print as T0 — 2026-02-27, 41.49 $ per barrel, used for offsets −1, T0, +12026-03-03: 52.13 $ per barrel, used for offsets +32026-03-06: 58.90 $ per barrel, used for offsets +72026-03-13: 66.83 $ per barrel, used for offsets +142026-03-30: 66.87 $ per barrel, used for offsets +302026-04-29: 54.93 $ per barrel, used for offsets +602026-05-29: 55.17 $ per barrel, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset.

Window table for US proxy - not a European price: US diesel spot minus Brent spot, USD per barrel. A proxy for the Atlantic-basin product market, NOT a measure of European refining margins (§H).: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302026-01-2932.03-9.466-22.81%-3.77
−142026-02-1332.27-9.224-22.23%-3.68
−72026-02-2037.84-3.656-8.81%-1.46
−32026-02-2543.84+2.352+5.67%+0.94
−12026-02-27same print as T041.490.0000.00%0.00
T02026-02-27same print as T041.490.0000.00%0.00
+12026-02-27same print as T041.490.0000.00%0.00
+32026-03-0352.13+10.636+25.63%+4.24
+72026-03-0658.90+17.412+41.96%+6.94
+142026-03-1366.83+25.336+61.06%+10.10
+302026-03-3066.87+25.376+61.16%+10.12
+602026-04-2954.93+13.436+32.38%+5.36
+902026-05-2955.17+13.678+32.97%+5.45

One volatility unit for this series is 6.05%, the standard deviation of its own day-on-day percentage changes over the three years before the event (733 changes). It is not a significance test.

US proxy - not a European price: US gasoline spot minus Brent spot, USD per barrel. A proxy for the Atlantic-basin product market, NOT a measure of European refining margins (§H).

Unit: $ per barrelPublished: dailyCalculatedLow
T0−30−14T0+14+30+60+9044.976.732026-01-29: 19.97 $ per barrel, used for offsets −302026-02-13: 10.43 $ per barrel, used for offsets −142026-02-20: 11.42 $ per barrel, used for offsets −72026-02-25: 13.39 $ per barrel, used for offsets −3same print as T0 — 2026-02-27, 15.87 $ per barrel, used for offsets −1, T0, +12026-03-03: 19.87 $ per barrel, used for offsets +32026-03-06: 20.56 $ per barrel, used for offsets +72026-03-13: 25.33 $ per barrel, used for offsets +142026-03-30: 21.09 $ per barrel, used for offsets +302026-04-29: 34.94 $ per barrel, used for offsets +602026-05-29: 41.27 $ per barrel, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset.

Window table for US proxy - not a European price: US gasoline spot minus Brent spot, USD per barrel. A proxy for the Atlantic-basin product market, NOT a measure of European refining margins (§H).: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302026-01-2919.97+4.100+25.83%+0.93
−142026-02-1310.43-5.444-34.30%-1.23
−72026-02-2011.42-4.454-28.06%-1.00
−32026-02-2513.39-2.478-15.61%-0.56
−12026-02-27same print as T015.870.0000.00%0.00
T02026-02-27same print as T015.870.0000.00%0.00
+12026-02-27same print as T015.870.0000.00%0.00
+32026-03-0319.87+4.000+25.20%+0.90
+72026-03-0620.56+4.686+29.52%+1.06
+142026-03-1325.33+9.460+59.60%+2.13
+302026-03-3021.09+5.216+32.86%+1.18
+602026-04-2934.94+19.064+120.11%+4.30
+902026-05-2941.27+25.396+160.01%+5.73

One volatility unit for this series is 27.92%, the standard deviation of its own day-on-day percentage changes over the three years before the event (733 changes). It is not a significance test.

US proxy - not a European price: US jet spot minus Brent spot, USD per barrel. A proxy for the Atlantic-basin product market, NOT a measure of European refining margins (§H).

Unit: $ per barrelPublished: dailyCalculatedLow
T0−30−14T0+14+30+60+9062.7117.062026-01-29: 23.42 $ per barrel, used for offsets −302026-02-13: 21.47 $ per barrel, used for offsets −142026-02-20: 27.04 $ per barrel, used for offsets −72026-02-25: 33.05 $ per barrel, used for offsets −3same print as T0 — 2026-02-27, 30.66 $ per barrel, used for offsets −1, T0, +12026-03-03: 41.29 $ per barrel, used for offsets +32026-03-06: 48.07 $ per barrel, used for offsets +72026-03-13: 56.03 $ per barrel, used for offsets +142026-03-30: 56.07 $ per barrel, used for offsets +302026-04-29: 58.29 $ per barrel, used for offsets +602026-05-29: 43.07 $ per barrel, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset.

Window table for US proxy - not a European price: US jet spot minus Brent spot, USD per barrel. A proxy for the Atlantic-basin product market, NOT a measure of European refining margins (§H).: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302026-01-2923.42-7.240-23.62%-2.64
−142026-02-1321.47-9.182-29.95%-3.35
−72026-02-2027.04-3.614-11.79%-1.32
−32026-02-2533.05+2.394+7.81%+0.87
−12026-02-27same print as T030.660.0000.00%0.00
T02026-02-27same print as T030.660.0000.00%0.00
+12026-02-27same print as T030.660.0000.00%0.00
+32026-03-0341.29+10.636+34.69%+3.88
+72026-03-0648.07+17.412+56.80%+6.35
+142026-03-1356.03+25.378+82.78%+9.26
+302026-03-3056.07+25.418+82.91%+9.28
+602026-04-2958.29+27.632+90.14%+10.08
+902026-05-2943.07+12.418+40.51%+4.53

One volatility unit for this series is 8.94%, the standard deviation of its own day-on-day percentage changes over the three years before the event (733 changes). It is not a significance test.

Not available: licence-blocked

A source exists and its licence does not permit us to republish it. These channels are not missing from the world, only from this page.

Arabian Gulf to north-west Europe dirty tanker rate

Tanker freight rates are licensed such that public display, onward passing and derived data are all expressly prohibited, verified verbatim, and no open institution publishes a tanker rate.

13 offsets in the window are affected.

EU refined-product benchmark

EU refined-product benchmarks (Platts / Argus) are proprietary with no redistribution grant. US crack spreads are not a valid EU proxy and are not substituted.

13 offsets in the window are affected.

EU refined-product benchmark

EU refined-product benchmarks (Platts / Argus) are proprietary with no redistribution grant. US crack spreads are not a valid EU proxy and are not substituted.

13 offsets in the window are affected.

north-west Europe refining margin / crack spread

No published refining-margin series is held, and computing a margin ourselves would need the licensed EU product benchmarks, which may not be republished.

13 offsets in the window are affected.

north-west Europe refining margin / crack spread

No published refining-margin series is held, and computing a margin ourselves would need the licensed EU product benchmarks, which may not be republished.

13 offsets in the window are affected.

wholesale / rack price

Wholesale / rack price series are proprietary with no redistribution grant.

13 offsets in the window are affected.

wholesale / rack price

Wholesale / rack price series are proprietary with no redistribution grant.

13 offsets in the window are affected.

Source
European Commission, Directorate-General for Energy (DG ENER)Unknown
Period 2026-01Updated 2026-09-25 14:09 UTCConfidenceUnknownMethodologyDownload CSV

T0 is 2026-02-28. The baseline window is -90 to -31 days. Offsets materialised: -30, -14, -7, -3, -1, 0, 1, 3, 7, 14, 30, 60, 90. Method 1.0, calculation event_study-1.0, computed 2026-09-25 14:09 UTC.

Is Strait of Hormuz shipping disruption (2026) really the reason?

The question splits into dimensions that are measured separately and never added into one number. Each row says whether we can see that dimension at all, and gives one published figure where we can.

Of the eight price-transmission channels this site reports, 4 have data in this run Calculated - a count of the rows below, not a measurement.

Methodology §11.1 publishes the thresholds the sentences below use: all eight channels present for the full comparison, at least three for the claim to be testable here at all, and 2.0 volatility units for a move to be described as outside a series' normal variation. Those are published wording choices, not statistical tests.

Dimensions of exposure to Strait of Hormuz shipping disruption (2026), each with its status and one published figure.
DimensionStatusPublished figure, or why there is none
Direct crude exposure (D1)Share of imported crude whose route requires the Strait of Hormuz.Range only0–34.94 % of imported tonnes at +30 d (2026-03) · no midpoint
Direct product exposure (D2)Share of imported refined product whose route requires the Strait of Hormuz.Range only5.845–7.257 % of imported tonnes at +30 d (2026-03) · no midpoint
Emergency stock cover (D7)Days of cover the published emergency stocks amount to. A buffer against a supply disruption, not a share of imports, and not a price channel.Observed91.48 days of cover at +30 d (published 2026-03-01)-0.08% from the level at T0 = -0.03 volatility units
Crude benchmarkThe quoted crude price European cargoes are priced against.Observed121.9 $ per barrel at +30 d (published 2026-03-30)+70.89% from the level at T0 = +36.70 volatility units
Refined-product benchmarkThe quoted product price refineries and wholesalers price against.UnavailableEU refined-product benchmarks (Platts / Argus) are proprietary with no redistribution grant. US crack spreads are not a valid EU proxy and are not substituted.
Refining marginWhat refining a barrel into this product earned.UnavailableNo published refining-margin series is held, and computing a margin ourselves would need the licensed EU product benchmarks, which may not be republished.
Freight ratesWhat it cost to ship the cargo.UnavailableTanker freight rates are licensed such that public display, onward passing and derived data are all expressly prohibited, verified verbatim, and no open institution publishes a tanker rate.
InventoriesStocks held, which absorb or amplify a supply change.Observed11,409,303 tonnes at +30 d (published 2026-03-01)+0.85% from the level at T0 = +0.38 volatility units
Wholesale pricesThe price between the refinery gate and the forecourt.UnavailableWholesale / rack price series are proprietary with no redistribution grant.
Pump price before taxThe pump price with excise, VAT and other fuel taxes stripped out.Observed1.311 € per litre at +30 d (published 2026-03-30)+73.36% from the level at T0 = +39.25 volatility units
Pump price with taxWhat a driver actually paid.Observed2.017 € per litre at +30 d (published 2026-03-30)+41.70% from the level at T0 = +30.81 volatility units

Physical exposure to the Strait of Hormuz and price exposure are different questions. A country with almost no direct physical exposure can still see its pump price move, because crude is priced globally - and a series that moved in this window may have moved for other reasons.

What the pump price did around this date

The decomposition page can be pinned to the weeks around the event date, so the pump move can be split into tax, input cost and the part the input cost does not account for.

Price decomposition, 2026-02-21 to 2026-03-30 →

The window is the published event date minus 7 days to plus 30 days. It is a window for looking, not a claim that the event caused what is inside it.

Actual vs crude-only: Poland, petrol (euro-super 95)

What the pre-tax price did from four weeks before to thirteen weeks after the event week, next to what it would have done had it followed only the crude input cost at the speed the stored pass-through estimate measures. The shaded difference is not explained by crude; it is not attributed to the event or to anything else. No fuel is selected, so petrol is shown.

2026-03-232026-05-25-200204060c/L since the anchor week
  • Actual pre-tax change(official prices)
  • What crude alone would have done(calculated, with range)
  • Shaded: not explained by crude(not attributed to any cause)

Changes are measured from the bulletin week of 2026-02-23. Crude response taken from the stored pass-through estimate over the most recent three-year window (2023-09-25 to 2026-09-14). The light band is a conservative range, not a 90% interval. The shaded area is not explained by crude: refining margins, freight, retail margins and model error are all inside it, and none is named as its cause.

  • Over the 4 weeks after Strait of Hormuz shipping disruption (2026), crude costs alone would have moved Poland's pre-tax petrol price by +21.4 c/L (range +15.7–+27.2); it actually moved +25.2 c/L, leaving +3.8 c/L not explained by crude. Over the same period the US gasoline crack spread, a proxy for the Atlantic product market and not a European margin, widened by 9.9 $/bbl.
  • Over the 13 weeks after Strait of Hormuz shipping disruption (2026), crude costs alone would have moved Poland's pre-tax petrol price by +42.0 c/L (range +24.5–+59.6); it actually moved +35.1 c/L, leaving -6.9 c/L not explained by crude. Over the same period the US gasoline crack spread, a proxy for the Atlantic product market and not a European margin, widened by 27.0 $/bbl.

What the numbers support, sentence by sentence

Each sentence comes from a fixed template, chosen by published thresholds. Open “why this sentence” to see the numbers that selected it. None of this text is written by a language model, and none of it attributes cause.

  1. In the 7 days after Strait of Hormuz shipping disruption (2026), Poland's pre-tax petrol price moved +0.2%, which is 0.1 times its normal week-to-week variation over the previous three years — within that range.

    about PolandCalculatedHigh
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    0.6890676317661082
    status
    OBSERVED
    country
    Poland
    z_score
    0.4098357314012842
    t0_value
    0.6878650944071915
    fuel_type
    EURO_SUPER_95
    change_pct
    0.1748216865042543
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    offset_days
    7
    series_code
    RETAIL_PRETAX_PL_EURO_SUPER_95
    series_kind
    pre-tax
    country_iso2
    PL
    country_name
    Poland
    country_slug
    poland
    variation_label
    week-to-week
    observation_date
    2026-03-02
    same_observation
    false
    volatility_units
    0.09911256157500328
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.0012025373589167332
    change_pct_from_t0
    0.1748216865042543
    observation_gap_days
    5
    normal_volatility_pct
    1.7638701263104604
    change_in_volatility_units
    0.09911256157500328
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (week-to-week)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    0.6890676317661082
    status
    OBSERVED
    country
    Poland
    z_score
    0.4098357314012842
    t0_value
    0.6878650944071915
    fuel_type
    EURO_SUPER_95
    change_pct
    0.1748216865042543
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    7
    series_code
    RETAIL_PRETAX_PL_EURO_SUPER_95
    series_kind
    pre-tax
    country_iso2
    PL
    country_name
    Poland
    country_slug
    poland
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2026-03-02
    same_observation
    false
    volatility_units
    0.09911256157500328
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.0012025373589167332
    change_pct_from_t0
    0.1748216865042543
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    5
    normal_volatility_pct
    1.7638701263104604
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    0.09911256157500328

    Template event.price_move.within_normal v1.1 · Fingerprint 10e741ec052392dc8cd8a7fd3df03442afdf3e44defcbfcb95526f96946e7c09 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  2. In the 30 days after Strait of Hormuz shipping disruption (2026), Poland's pre-tax petrol price moved +46.9%, which is 26.6 times its normal week-to-week variation over the previous three years — outside that range.

    about PolandCalculatedHigh
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    1.0106180207243636
    status
    OBSERVED
    country
    Poland
    z_score
    16.961075657019823
    t0_value
    0.6878650944071915
    fuel_type
    EURO_SUPER_95
    change_pct
    46.92096298262141
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    offset_days
    30
    series_code
    RETAIL_PRETAX_PL_EURO_SUPER_95
    series_kind
    pre-tax
    country_iso2
    PL
    country_name
    Poland
    country_slug
    poland
    variation_label
    week-to-week
    observation_date
    2026-03-30
    same_observation
    false
    volatility_units
    26.601143861292886
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.3227529263171721
    change_pct_from_t0
    46.92096298262141
    observation_gap_days
    0
    normal_volatility_pct
    1.7638701263104604
    change_in_volatility_units
    26.601143861292886
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (week-to-week)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    1.0106180207243636
    status
    OBSERVED
    country
    Poland
    z_score
    16.961075657019823
    t0_value
    0.6878650944071915
    fuel_type
    EURO_SUPER_95
    change_pct
    46.92096298262141
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    30
    series_code
    RETAIL_PRETAX_PL_EURO_SUPER_95
    series_kind
    pre-tax
    country_iso2
    PL
    country_name
    Poland
    country_slug
    poland
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2026-03-30
    same_observation
    false
    volatility_units
    26.601143861292886
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.3227529263171721
    change_pct_from_t0
    46.92096298262141
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    0
    normal_volatility_pct
    1.7638701263104604
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    26.601143861292886

    Template event.price_move.outside_normal v1.1 · Fingerprint 5bda2ee092635172d98b4e099248c7613b5bc44ea26751390cda5aff42b709b2 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  3. In the 90 days after Strait of Hormuz shipping disruption (2026), Poland's pre-tax petrol price moved +51.1%, which is 29.0 times its normal week-to-week variation over the previous three years — outside that range.

    about PolandCalculatedHigh
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    1.0392610029225045
    status
    OBSERVED
    country
    Poland
    z_score
    18.435422716846254
    t0_value
    0.6878650944071915
    fuel_type
    EURO_SUPER_95
    change_pct
    51.08500363987059
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    offset_days
    90
    series_code
    RETAIL_PRETAX_PL_EURO_SUPER_95
    series_kind
    pre-tax
    country_iso2
    PL
    country_name
    Poland
    country_slug
    poland
    variation_label
    week-to-week
    observation_date
    2026-05-25
    same_observation
    false
    volatility_units
    28.96188493578414
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.351395908515313
    change_pct_from_t0
    51.08500363987059
    observation_gap_days
    4
    normal_volatility_pct
    1.7638701263104604
    change_in_volatility_units
    28.96188493578414
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (week-to-week)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    1.0392610029225045
    status
    OBSERVED
    country
    Poland
    z_score
    18.435422716846254
    t0_value
    0.6878650944071915
    fuel_type
    EURO_SUPER_95
    change_pct
    51.08500363987059
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    90
    series_code
    RETAIL_PRETAX_PL_EURO_SUPER_95
    series_kind
    pre-tax
    country_iso2
    PL
    country_name
    Poland
    country_slug
    poland
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2026-05-25
    same_observation
    false
    volatility_units
    28.96188493578414
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.351395908515313
    change_pct_from_t0
    51.08500363987059
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    4
    normal_volatility_pct
    1.7638701263104604
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    28.96188493578414

    Template event.price_move.outside_normal v1.1 · Fingerprint ddac92820b104884b6f8e02d5f0df8c448d9482ee2d85a16662236ac1e74c3ce · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  4. In the 7 days after Strait of Hormuz shipping disruption (2026), Poland's tax-inclusive petrol price moved -0.1%, which is 0.1 times its normal week-to-week variation over the previous three years — within that range.

    about PolandCalculatedHigh
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    1.3748214952721247
    status
    OBSERVED
    country
    Poland
    z_score
    0.36512288860943637
    t0_value
    1.376680544199237
    fuel_type
    EURO_SUPER_95
    change_pct
    -0.13503851238004771
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    offset_days
    7
    series_code
    RETAIL_INCLTAX_PL_EURO_SUPER_95
    series_kind
    tax-inclusive
    country_iso2
    PL
    country_name
    Poland
    country_slug
    poland
    variation_label
    week-to-week
    observation_date
    2026-03-02
    same_observation
    false
    volatility_units
    -0.10765608594719868
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    -0.0018590489271121946
    change_pct_from_t0
    -0.13503851238004771
    observation_gap_days
    5
    normal_volatility_pct
    1.254350937914268
    change_in_volatility_units
    -0.10765608594719868
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (week-to-week)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    1.3748214952721247
    status
    OBSERVED
    country
    Poland
    z_score
    0.36512288860943637
    t0_value
    1.376680544199237
    fuel_type
    EURO_SUPER_95
    change_pct
    -0.13503851238004771
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    7
    series_code
    RETAIL_INCLTAX_PL_EURO_SUPER_95
    series_kind
    tax-inclusive
    country_iso2
    PL
    country_name
    Poland
    country_slug
    poland
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2026-03-02
    same_observation
    false
    volatility_units
    -0.10765608594719868
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    -0.0018590489271121946
    change_pct_from_t0
    -0.13503851238004771
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    5
    normal_volatility_pct
    1.254350937914268
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    -0.10765608594719868

    Template event.price_move.within_normal v1.1 · Fingerprint 8a14a184e491b4fc9bcc62edc073af086dda145b2d0d5cea4b6536522c9759bb · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  5. In the 30 days after Strait of Hormuz shipping disruption (2026), Poland's tax-inclusive petrol price moved +22.1%, which is 17.6 times its normal week-to-week variation over the previous three years — outside that range.

    about PolandCalculatedHigh
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    1.6805544406116442
    status
    OBSERVED
    country
    Poland
    z_score
    14.038370871256584
    t0_value
    1.376680544199237
    fuel_type
    EURO_SUPER_95
    change_pct
    22.07294188131054
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    offset_days
    30
    series_code
    RETAIL_INCLTAX_PL_EURO_SUPER_95
    series_kind
    tax-inclusive
    country_iso2
    PL
    country_name
    Poland
    country_slug
    poland
    variation_label
    week-to-week
    observation_date
    2026-03-30
    same_observation
    false
    volatility_units
    17.5971023850896
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.30387389641240725
    change_pct_from_t0
    22.07294188131054
    observation_gap_days
    0
    normal_volatility_pct
    1.254350937914268
    change_in_volatility_units
    17.5971023850896
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (week-to-week)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    1.6805544406116442
    status
    OBSERVED
    country
    Poland
    z_score
    14.038370871256584
    t0_value
    1.376680544199237
    fuel_type
    EURO_SUPER_95
    change_pct
    22.07294188131054
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    30
    series_code
    RETAIL_INCLTAX_PL_EURO_SUPER_95
    series_kind
    tax-inclusive
    country_iso2
    PL
    country_name
    Poland
    country_slug
    poland
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2026-03-30
    same_observation
    false
    volatility_units
    17.5971023850896
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.30387389641240725
    change_pct_from_t0
    22.07294188131054
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    0
    normal_volatility_pct
    1.254350937914268
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    17.5971023850896

    Template event.price_move.outside_normal v1.1 · Fingerprint 183a419d899029213d9f30e5db90536a4d5e9d4bf90a0291e8f1f4d57c07bfea · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  6. In the 90 days after Strait of Hormuz shipping disruption (2026), Poland's tax-inclusive petrol price moved +9.9%, which is 7.9 times its normal week-to-week variation over the previous three years — outside that range.

    about PolandCalculatedHigh
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    1.512443966046847
    status
    OBSERVED
    country
    Poland
    z_score
    6.519991703279341
    t0_value
    1.376680544199237
    fuel_type
    EURO_SUPER_95
    change_pct
    9.86165036032949
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    offset_days
    90
    series_code
    RETAIL_INCLTAX_PL_EURO_SUPER_95
    series_kind
    tax-inclusive
    country_iso2
    PL
    country_name
    Poland
    country_slug
    poland
    variation_label
    week-to-week
    observation_date
    2026-05-25
    same_observation
    false
    volatility_units
    7.861954786534795
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.13576342184761003
    change_pct_from_t0
    9.86165036032949
    observation_gap_days
    4
    normal_volatility_pct
    1.254350937914268
    change_in_volatility_units
    7.861954786534795
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (week-to-week)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    1.512443966046847
    status
    OBSERVED
    country
    Poland
    z_score
    6.519991703279341
    t0_value
    1.376680544199237
    fuel_type
    EURO_SUPER_95
    change_pct
    9.86165036032949
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    90
    series_code
    RETAIL_INCLTAX_PL_EURO_SUPER_95
    series_kind
    tax-inclusive
    country_iso2
    PL
    country_name
    Poland
    country_slug
    poland
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2026-05-25
    same_observation
    false
    volatility_units
    7.861954786534795
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.13576342184761003
    change_pct_from_t0
    9.86165036032949
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    4
    normal_volatility_pct
    1.254350937914268
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    7.861954786534795

    Template event.price_move.outside_normal v1.1 · Fingerprint 1b977954b2ec36e422403773274c57d8960307584236b8b91a82b16ff48f97a8 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  7. In the 7 days after Strait of Hormuz shipping disruption (2026), Poland's pre-tax diesel price moved +0.6%, which is 0.3 times its normal week-to-week variation over the previous three years — within that range.

    about PolandCalculatedHigh
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    0.7606779233538215
    status
    OBSERVED
    country
    Poland
    z_score
    -0.22353821451800696
    t0_value
    0.7559494265037078
    fuel_type
    DIESEL
    change_pct
    0.6255043901525442
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    offset_days
    7
    series_code
    RETAIL_PRETAX_PL_DIESEL
    series_kind
    pre-tax
    country_iso2
    PL
    country_name
    Poland
    country_slug
    poland
    variation_label
    week-to-week
    observation_date
    2026-03-02
    same_observation
    false
    volatility_units
    0.3346792792156067
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.004728496850113673
    change_pct_from_t0
    0.6255043901525442
    observation_gap_days
    5
    normal_volatility_pct
    1.8689665868127514
    change_in_volatility_units
    0.3346792792156067
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (week-to-week)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    0.7606779233538215
    status
    OBSERVED
    country
    Poland
    z_score
    -0.22353821451800696
    t0_value
    0.7559494265037078
    fuel_type
    DIESEL
    change_pct
    0.6255043901525442
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    7
    series_code
    RETAIL_PRETAX_PL_DIESEL
    series_kind
    pre-tax
    country_iso2
    PL
    country_name
    Poland
    country_slug
    poland
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2026-03-02
    same_observation
    false
    volatility_units
    0.3346792792156067
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.004728496850113673
    change_pct_from_t0
    0.6255043901525442
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    5
    normal_volatility_pct
    1.8689665868127514
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    0.3346792792156067

    Template event.price_move.within_normal v1.1 · Fingerprint 9f2bd4dd27d0584f93fcea23943eed310350c237c802b6dc1a1121cb223b1c74 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  8. In the 30 days after Strait of Hormuz shipping disruption (2026), Poland's pre-tax diesel price moved +73.4%, which is 39.3 times its normal week-to-week variation over the previous three years — outside that range.

    about PolandCalculatedHigh
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    1.3105366344144678
    status
    OBSERVED
    country
    Poland
    z_score
    21.697418406063733
    t0_value
    0.7559494265037078
    fuel_type
    DIESEL
    change_pct
    73.3630039876801
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    offset_days
    30
    series_code
    RETAIL_PRETAX_PL_DIESEL
    series_kind
    pre-tax
    country_iso2
    PL
    country_name
    Poland
    country_slug
    poland
    variation_label
    week-to-week
    observation_date
    2026-03-30
    same_observation
    false
    volatility_units
    39.25324535244365
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.55458720791076
    change_pct_from_t0
    73.3630039876801
    observation_gap_days
    0
    normal_volatility_pct
    1.8689665868127514
    change_in_volatility_units
    39.25324535244365
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (week-to-week)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    1.3105366344144678
    status
    OBSERVED
    country
    Poland
    z_score
    21.697418406063733
    t0_value
    0.7559494265037078
    fuel_type
    DIESEL
    change_pct
    73.3630039876801
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    30
    series_code
    RETAIL_PRETAX_PL_DIESEL
    series_kind
    pre-tax
    country_iso2
    PL
    country_name
    Poland
    country_slug
    poland
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2026-03-30
    same_observation
    false
    volatility_units
    39.25324535244365
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.55458720791076
    change_pct_from_t0
    73.3630039876801
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    0
    normal_volatility_pct
    1.8689665868127514
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    39.25324535244365

    Template event.price_move.outside_normal v1.1 · Fingerprint f29c850fd813f1f0fdfdff90cbbe1b11ff4ff48356235fc66e16a536d8601469 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  9. In the 90 days after Strait of Hormuz shipping disruption (2026), Poland's pre-tax diesel price moved +50.1%, which is 26.8 times its normal week-to-week variation over the previous three years — outside that range.

    about PolandCalculatedHigh
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    1.1345238736434997
    status
    OBSERVED
    country
    Poland
    z_score
    14.680401096132154
    t0_value
    0.7559494265037078
    fuel_type
    DIESEL
    change_pct
    50.079335186576145
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    offset_days
    90
    series_code
    RETAIL_PRETAX_PL_DIESEL
    series_kind
    pre-tax
    country_iso2
    PL
    country_name
    Poland
    country_slug
    poland
    variation_label
    week-to-week
    observation_date
    2026-05-25
    same_observation
    false
    volatility_units
    26.795200909385496
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.37857444713979194
    change_pct_from_t0
    50.079335186576145
    observation_gap_days
    4
    normal_volatility_pct
    1.8689665868127514
    change_in_volatility_units
    26.795200909385496
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (week-to-week)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    1.1345238736434997
    status
    OBSERVED
    country
    Poland
    z_score
    14.680401096132154
    t0_value
    0.7559494265037078
    fuel_type
    DIESEL
    change_pct
    50.079335186576145
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    90
    series_code
    RETAIL_PRETAX_PL_DIESEL
    series_kind
    pre-tax
    country_iso2
    PL
    country_name
    Poland
    country_slug
    poland
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2026-05-25
    same_observation
    false
    volatility_units
    26.795200909385496
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.37857444713979194
    change_pct_from_t0
    50.079335186576145
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    4
    normal_volatility_pct
    1.8689665868127514
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    26.795200909385496

    Template event.price_move.outside_normal v1.1 · Fingerprint 9f7dde8b0ee8c20c38fb89bdc98718311a1b6907c1d14ecb8e5e7ee19ff10c47 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  10. In the 7 days after Strait of Hormuz shipping disruption (2026), Poland's tax-inclusive diesel price moved +0.2%, which is 0.1 times its normal week-to-week variation over the previous three years — within that range.

    about PolandCalculatedHigh
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    1.42645137635668
    status
    OBSERVED
    country
    Poland
    z_score
    -0.24270033100231916
    t0_value
    1.4237427228712034
    fuel_type
    DIESEL
    change_pct
    0.19024880281839987
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    offset_days
    7
    series_code
    RETAIL_INCLTAX_PL_DIESEL
    series_kind
    tax-inclusive
    country_iso2
    PL
    country_name
    Poland
    country_slug
    poland
    variation_label
    week-to-week
    observation_date
    2026-03-02
    same_observation
    false
    volatility_units
    0.14059059964322015
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.002708653485476553
    change_pct_from_t0
    0.19024880281839987
    observation_gap_days
    5
    normal_volatility_pct
    1.353211404611677
    change_in_volatility_units
    0.14059059964322015
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (week-to-week)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    1.42645137635668
    status
    OBSERVED
    country
    Poland
    z_score
    -0.24270033100231916
    t0_value
    1.4237427228712034
    fuel_type
    DIESEL
    change_pct
    0.19024880281839987
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    7
    series_code
    RETAIL_INCLTAX_PL_DIESEL
    series_kind
    tax-inclusive
    country_iso2
    PL
    country_name
    Poland
    country_slug
    poland
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2026-03-02
    same_observation
    false
    volatility_units
    0.14059059964322015
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.002708653485476553
    change_pct_from_t0
    0.19024880281839987
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    5
    normal_volatility_pct
    1.353211404611677
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    0.14059059964322015

    Template event.price_move.within_normal v1.1 · Fingerprint faa806b68b099886deac36fc273ec75565a884c75a6667cba706ee4719d60c85 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  11. In the 30 days after Strait of Hormuz shipping disruption (2026), Poland's tax-inclusive diesel price moved +41.7%, which is 30.8 times its normal week-to-week variation over the previous three years — outside that range.

    about PolandCalculatedHigh
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    2.0173956875014016
    status
    OBSERVED
    country
    Poland
    z_score
    20.820812446880083
    t0_value
    1.4237427228712034
    fuel_type
    DIESEL
    change_pct
    41.69664610702998
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    offset_days
    30
    series_code
    RETAIL_INCLTAX_PL_DIESEL
    series_kind
    tax-inclusive
    country_iso2
    PL
    country_name
    Poland
    country_slug
    poland
    variation_label
    week-to-week
    observation_date
    2026-03-30
    same_observation
    false
    volatility_units
    30.813105746027478
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.5936529646301982
    change_pct_from_t0
    41.69664610702998
    observation_gap_days
    0
    normal_volatility_pct
    1.353211404611677
    change_in_volatility_units
    30.813105746027478
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (week-to-week)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    2.0173956875014016
    status
    OBSERVED
    country
    Poland
    z_score
    20.820812446880083
    t0_value
    1.4237427228712034
    fuel_type
    DIESEL
    change_pct
    41.69664610702998
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    30
    series_code
    RETAIL_INCLTAX_PL_DIESEL
    series_kind
    tax-inclusive
    country_iso2
    PL
    country_name
    Poland
    country_slug
    poland
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2026-03-30
    same_observation
    false
    volatility_units
    30.813105746027478
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.5936529646301982
    change_pct_from_t0
    41.69664610702998
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    0
    normal_volatility_pct
    1.353211404611677
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    30.813105746027478

    Template event.price_move.outside_normal v1.1 · Fingerprint 5cfe032aee15f507573b66a328081bdc6c5fb8a7e028e89d3b604a98cc1a8420 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  12. In the 90 days after Strait of Hormuz shipping disruption (2026), Poland's tax-inclusive diesel price moved +11.4%, which is 8.4 times its normal week-to-week variation over the previous three years — outside that range.

    about PolandCalculatedHigh
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    1.585800980134342
    status
    OBSERVED
    country
    Poland
    z_score
    5.4371282958600995
    t0_value
    1.4237427228712034
    fuel_type
    DIESEL
    change_pct
    11.382552104380375
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    offset_days
    90
    series_code
    RETAIL_INCLTAX_PL_DIESEL
    series_kind
    tax-inclusive
    country_iso2
    PL
    country_name
    Poland
    country_slug
    poland
    variation_label
    week-to-week
    observation_date
    2026-05-25
    same_observation
    false
    volatility_units
    8.411510622500819
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.1620582572631386
    change_pct_from_t0
    11.382552104380375
    observation_gap_days
    4
    normal_volatility_pct
    1.353211404611677
    change_in_volatility_units
    8.411510622500819
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (week-to-week)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    Strait of Hormuz shipping disruption (2026)
    value
    1.585800980134342
    status
    OBSERVED
    country
    Poland
    z_score
    5.4371282958600995
    t0_value
    1.4237427228712034
    fuel_type
    DIESEL
    change_pct
    11.382552104380375
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    90
    series_code
    RETAIL_INCLTAX_PL_DIESEL
    series_kind
    tax-inclusive
    country_iso2
    PL
    country_name
    Poland
    country_slug
    poland
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2026-05-25
    same_observation
    false
    volatility_units
    8.411510622500819
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.1620582572631386
    change_pct_from_t0
    11.382552104380375
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    4
    normal_volatility_pct
    1.353211404611677
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    8.411510622500819

    Template event.price_move.outside_normal v1.1 · Fingerprint 27e124b5deb580a536ff57a907b0b672a8c5529a4d67b2bb0b8df1ff5d5b19bc · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  13. Over the 4 weeks after Strait of Hormuz shipping disruption (2026), crude costs alone would have moved Poland's pre-tax petrol price by +21.4 c/L (range +15.7–+27.2); it actually moved +25.2 c/L, leaving +3.8 c/L not explained by crude. Over the same period the US gasoline crack spread, a proxy for the Atlantic product market and not a European margin, widened by 9.9 $/bbl.

    about PolandCalculatedMedium
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    fuel
    petrol
    event
    Strait of Hormuz shipping disruption (2026)
    weeks
    4
    status
    COMPUTED
    country
    Poland
    fuel_type
    EURO_SUPER_95
    gap_label
    NOT_EXPLAINED_BY_CRUDE
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    series_code
    CRUDE_ONLY_EXPECTED_PL_EURO_SUPER_95
    country_iso2
    PL
    country_name
    Poland
    country_slug
    poland
    offset_weeks
    4
    proxy_product
    GASOLINE
    proxy_to_date
    2026-03-23
    pass_through_k
    2
    proxy_from_date
    2026-02-23
    observation_date
    2026-03-23
    gap_eur_per_litre
    0.03788887359425905
    series_source_ids
    ["ec_weekly_oil_bulletin","eia_brent_rbrte"]
    anchor_period_start
    2026-02-23
    actual_eur_per_litre
    0.2522623289986422
    expected_eur_per_litre
    0.21437345540438316
    proxy_volatility_units
    2.8999750350600633
    pass_through_sample_end
    2026-09-14
    proxy_change_usd_per_bbl
    9.9
    pass_through_sample_start
    2023-09-25
    pass_through_window_label
    ROLLING_156W
    expected_low_eur_per_litre
    0.15697641801553947
    expected_high_eur_per_litre
    0.2717704927932287
    proxy_normal_volatility_pct
    27.922644296421584
    Thresholds
    source
    docs/PRICE_MODEL.md §7.7; horizons are a v1 choice of this module
    proxy_rule
    the proxy sentence is added only when the US crack spread proxy moved by at least UNUSUAL_MOVE_VOLATILITY_UNITS of its normal day-to-day variation over the same weeks
    confidence_cap
    MEDIUM (docs/PRICE_MODEL.md §7.5)
    statement_weeks
    [4,13]
    unusual_move_volatility_units
    2
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    fuel
    petrol
    event
    Strait of Hormuz shipping disruption (2026)
    weeks
    4
    status
    COMPUTED
    country
    Poland
    fuel_type
    EURO_SUPER_95
    gap_label
    NOT_EXPLAINED_BY_CRUDE
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    series_code
    CRUDE_ONLY_EXPECTED_PL_EURO_SUPER_95
    country_iso2
    PL
    country_name
    Poland
    country_slug
    poland
    offset_weeks
    4
    proxy_product
    GASOLINE
    proxy_to_date
    2026-03-23
    pass_through_k
    2
    proxy_from_date
    2026-02-23
    statement_topic
    event
    observation_date
    2026-03-23
    gap_eur_per_litre
    0.03788887359425905
    series_source_ids
    ["ec_weekly_oil_bulletin","eia_brent_rbrte"]
    anchor_period_start
    2026-02-23
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    actual_eur_per_litre
    0.2522623289986422
    expected_eur_per_litre
    0.21437345540438316
    proxy_volatility_units
    2.8999750350600633
    pass_through_sample_end
    2026-09-14
    proxy_change_usd_per_bbl
    9.9
    pass_through_sample_start
    2023-09-25
    pass_through_window_label
    ROLLING_156W
    study_calculation_version
    event_study-1.0
    expected_low_eur_per_litre
    0.15697641801553947
    expected_high_eur_per_litre
    0.2717704927932287
    proxy_normal_volatility_pct
    27.922644296421584

    Template event.crude_only.computed_with_proxy v1.1 · Fingerprint 8f87630da28d3287f35c27997e5536f80803020a0aaff2bc2d2e370592e0922f · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  14. Over the 13 weeks after Strait of Hormuz shipping disruption (2026), crude costs alone would have moved Poland's pre-tax petrol price by +42.0 c/L (range +24.5–+59.6); it actually moved +35.1 c/L, leaving -6.9 c/L not explained by crude. Over the same period the US gasoline crack spread, a proxy for the Atlantic product market and not a European margin, widened by 27.0 $/bbl.

    about PolandCalculatedMedium
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    fuel
    petrol
    event
    Strait of Hormuz shipping disruption (2026)
    weeks
    13
    status
    COMPUTED
    country
    Poland
    fuel_type
    EURO_SUPER_95
    gap_label
    NOT_EXPLAINED_BY_CRUDE
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    series_code
    CRUDE_ONLY_EXPECTED_PL_EURO_SUPER_95
    country_iso2
    PL
    country_name
    Poland
    country_slug
    poland
    offset_weeks
    13
    proxy_product
    GASOLINE
    proxy_to_date
    2026-05-22
    pass_through_k
    2
    proxy_from_date
    2026-02-23
    observation_date
    2026-05-25
    gap_eur_per_litre
    -0.06898286930123942
    series_source_ids
    ["ec_weekly_oil_bulletin","eia_brent_rbrte"]
    anchor_period_start
    2026-02-23
    actual_eur_per_litre
    0.351395908515313
    expected_eur_per_litre
    0.4203787778165524
    proxy_volatility_units
    7.918982333112501
    pass_through_sample_end
    2026-09-14
    proxy_change_usd_per_bbl
    27.034
    pass_through_sample_start
    2023-09-25
    pass_through_window_label
    ROLLING_156W
    expected_low_eur_per_litre
    0.24515266600420446
    expected_high_eur_per_litre
    0.5956048896289038
    proxy_normal_volatility_pct
    27.922644296421584
    Thresholds
    source
    docs/PRICE_MODEL.md §7.7; horizons are a v1 choice of this module
    proxy_rule
    the proxy sentence is added only when the US crack spread proxy moved by at least UNUSUAL_MOVE_VOLATILITY_UNITS of its normal day-to-day variation over the same weeks
    confidence_cap
    MEDIUM (docs/PRICE_MODEL.md §7.5)
    statement_weeks
    [4,13]
    unusual_move_volatility_units
    2
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    fuel
    petrol
    event
    Strait of Hormuz shipping disruption (2026)
    weeks
    13
    status
    COMPUTED
    country
    Poland
    fuel_type
    EURO_SUPER_95
    gap_label
    NOT_EXPLAINED_BY_CRUDE
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    series_code
    CRUDE_ONLY_EXPECTED_PL_EURO_SUPER_95
    country_iso2
    PL
    country_name
    Poland
    country_slug
    poland
    offset_weeks
    13
    proxy_product
    GASOLINE
    proxy_to_date
    2026-05-22
    pass_through_k
    2
    proxy_from_date
    2026-02-23
    statement_topic
    event
    observation_date
    2026-05-25
    gap_eur_per_litre
    -0.06898286930123942
    series_source_ids
    ["ec_weekly_oil_bulletin","eia_brent_rbrte"]
    anchor_period_start
    2026-02-23
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    actual_eur_per_litre
    0.351395908515313
    expected_eur_per_litre
    0.4203787778165524
    proxy_volatility_units
    7.918982333112501
    pass_through_sample_end
    2026-09-14
    proxy_change_usd_per_bbl
    27.034
    pass_through_sample_start
    2023-09-25
    pass_through_window_label
    ROLLING_156W
    study_calculation_version
    event_study-1.0
    expected_low_eur_per_litre
    0.24515266600420446
    expected_high_eur_per_litre
    0.5956048896289038
    proxy_normal_volatility_pct
    27.922644296421584

    Template event.crude_only.computed_with_proxy v1.1 · Fingerprint 11aeb3bd697fab55d69957aef8c8fdb09c67c9d4fbe6ef3a1686439f6bd7bdb3 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  15. Over the 4 weeks after Strait of Hormuz shipping disruption (2026), crude costs alone would have moved Poland's pre-tax diesel price by +32.0 c/L (range +18.6–+45.5); it actually moved +46.2 c/L, leaving +14.2 c/L not explained by crude. Over the same period the US diesel crack spread, a proxy for the Atlantic product market and not a European margin, widened by 28.8 $/bbl.

    about PolandCalculatedMedium
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    fuel
    diesel
    event
    Strait of Hormuz shipping disruption (2026)
    weeks
    4
    status
    COMPUTED
    country
    Poland
    fuel_type
    DIESEL
    gap_label
    NOT_EXPLAINED_BY_CRUDE
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    series_code
    CRUDE_ONLY_EXPECTED_PL_DIESEL
    country_iso2
    PL
    country_name
    Poland
    country_slug
    poland
    offset_weeks
    4
    proxy_product
    DIESEL
    proxy_to_date
    2026-03-23
    pass_through_k
    1
    proxy_from_date
    2026-02-23
    observation_date
    2026-03-23
    gap_eur_per_litre
    0.14190372982717125
    series_source_ids
    ["ec_weekly_oil_bulletin","eia_brent_rbrte"]
    anchor_period_start
    2026-02-23
    actual_eur_per_litre
    0.46213260642908616
    expected_eur_per_litre
    0.3202288766019149
    proxy_volatility_units
    10.98407307729496
    pass_through_sample_end
    2026-09-14
    proxy_change_usd_per_bbl
    28.757999999999996
    pass_through_sample_start
    2023-09-25
    pass_through_window_label
    ROLLING_156W
    expected_low_eur_per_litre
    0.18589739491168558
    expected_high_eur_per_litre
    0.4545603582921412
    proxy_normal_volatility_pct
    6.045708372099533
    Thresholds
    source
    docs/PRICE_MODEL.md §7.7; horizons are a v1 choice of this module
    proxy_rule
    the proxy sentence is added only when the US crack spread proxy moved by at least UNUSUAL_MOVE_VOLATILITY_UNITS of its normal day-to-day variation over the same weeks
    confidence_cap
    MEDIUM (docs/PRICE_MODEL.md §7.5)
    statement_weeks
    [4,13]
    unusual_move_volatility_units
    2
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    fuel
    diesel
    event
    Strait of Hormuz shipping disruption (2026)
    weeks
    4
    status
    COMPUTED
    country
    Poland
    fuel_type
    DIESEL
    gap_label
    NOT_EXPLAINED_BY_CRUDE
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    series_code
    CRUDE_ONLY_EXPECTED_PL_DIESEL
    country_iso2
    PL
    country_name
    Poland
    country_slug
    poland
    offset_weeks
    4
    proxy_product
    DIESEL
    proxy_to_date
    2026-03-23
    pass_through_k
    1
    proxy_from_date
    2026-02-23
    statement_topic
    event
    observation_date
    2026-03-23
    gap_eur_per_litre
    0.14190372982717125
    series_source_ids
    ["ec_weekly_oil_bulletin","eia_brent_rbrte"]
    anchor_period_start
    2026-02-23
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    actual_eur_per_litre
    0.46213260642908616
    expected_eur_per_litre
    0.3202288766019149
    proxy_volatility_units
    10.98407307729496
    pass_through_sample_end
    2026-09-14
    proxy_change_usd_per_bbl
    28.757999999999996
    pass_through_sample_start
    2023-09-25
    pass_through_window_label
    ROLLING_156W
    study_calculation_version
    event_study-1.0
    expected_low_eur_per_litre
    0.18589739491168558
    expected_high_eur_per_litre
    0.4545603582921412
    proxy_normal_volatility_pct
    6.045708372099533

    Template event.crude_only.computed_with_proxy v1.1 · Fingerprint 74681de692b5cd05db98b09802cca2f7c436e94a145e1cfc75a1173635993ffc · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  16. Over the 13 weeks after Strait of Hormuz shipping disruption (2026), crude costs alone would have moved Poland's pre-tax diesel price by +45.1 c/L (range +13.1–+77.1); it actually moved +37.9 c/L, leaving -7.2 c/L not explained by crude. Over the same period the US diesel crack spread, a proxy for the Atlantic product market and not a European margin, widened by 16.0 $/bbl.

    about PolandCalculatedMedium
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    fuel
    diesel
    event
    Strait of Hormuz shipping disruption (2026)
    weeks
    13
    status
    COMPUTED
    country
    Poland
    fuel_type
    DIESEL
    gap_label
    NOT_EXPLAINED_BY_CRUDE
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    series_code
    CRUDE_ONLY_EXPECTED_PL_DIESEL
    country_iso2
    PL
    country_name
    Poland
    country_slug
    poland
    offset_weeks
    13
    proxy_product
    DIESEL
    proxy_to_date
    2026-05-22
    pass_through_k
    1
    proxy_from_date
    2026-02-23
    observation_date
    2026-05-25
    gap_eur_per_litre
    -0.07230405607207607
    series_source_ids
    ["ec_weekly_oil_bulletin","eia_brent_rbrte"]
    anchor_period_start
    2026-02-23
    actual_eur_per_litre
    0.37857444713979194
    expected_eur_per_litre
    0.450878503211868
    proxy_volatility_units
    6.106591569642946
    pass_through_sample_end
    2026-09-14
    proxy_change_usd_per_bbl
    15.988
    pass_through_sample_start
    2023-09-25
    pass_through_window_label
    ROLLING_156W
    expected_low_eur_per_litre
    0.13084544240388174
    expected_high_eur_per_litre
    0.7709115640198488
    proxy_normal_volatility_pct
    6.045708372099533
    Thresholds
    source
    docs/PRICE_MODEL.md §7.7; horizons are a v1 choice of this module
    proxy_rule
    the proxy sentence is added only when the US crack spread proxy moved by at least UNUSUAL_MOVE_VOLATILITY_UNITS of its normal day-to-day variation over the same weeks
    confidence_cap
    MEDIUM (docs/PRICE_MODEL.md §7.5)
    statement_weeks
    [4,13]
    unusual_move_volatility_units
    2
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    fuel
    diesel
    event
    Strait of Hormuz shipping disruption (2026)
    weeks
    13
    status
    COMPUTED
    country
    Poland
    fuel_type
    DIESEL
    gap_label
    NOT_EXPLAINED_BY_CRUDE
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    series_code
    CRUDE_ONLY_EXPECTED_PL_DIESEL
    country_iso2
    PL
    country_name
    Poland
    country_slug
    poland
    offset_weeks
    13
    proxy_product
    DIESEL
    proxy_to_date
    2026-05-22
    pass_through_k
    1
    proxy_from_date
    2026-02-23
    statement_topic
    event
    observation_date
    2026-05-25
    gap_eur_per_litre
    -0.07230405607207607
    series_source_ids
    ["ec_weekly_oil_bulletin","eia_brent_rbrte"]
    anchor_period_start
    2026-02-23
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    actual_eur_per_litre
    0.37857444713979194
    expected_eur_per_litre
    0.450878503211868
    proxy_volatility_units
    6.106591569642946
    pass_through_sample_end
    2026-09-14
    proxy_change_usd_per_bbl
    15.988
    pass_through_sample_start
    2023-09-25
    pass_through_window_label
    ROLLING_156W
    study_calculation_version
    event_study-1.0
    expected_low_eur_per_litre
    0.13084544240388174
    expected_high_eur_per_litre
    0.7709115640198488
    proxy_normal_volatility_pct
    6.045708372099533

    Template event.crude_only.computed_with_proxy v1.1 · Fingerprint c3c1a2843b403bc202056736cbe3eaa5248f3fefe098be5e29e8f8af5c39c448 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  17. Direct physical dependence on Hormuz-linked crude was significant (0%–45%) for Poland in 2026-02. No point estimate is published: the origins concerned export from both inside and outside the Persian Gulf and the split per period is not public.

    about PolandCalculatedMedium
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    band
    significant
    unit
    % of imported tonnes
    period
    2026-02
    status
    NO_OBSERVATION
    country
    Poland
    commodity
    crude
    dimension
    DIRECT_CRUDE
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    country_iso2
    PL
    country_name
    Poland
    country_slug
    poland
    value_max_pct
    45.3198558414965
    value_min_pct
    0
    exposure_status
    RANGE_ONLY
    value_point_pct
    null
    observation_date
    2026-02-01
    Thresholds
    source
    v1 choice of this module; docs/METHODOLOGY.md §9 publishes no bands
    band_applied_to
    upper bound of the range (docs/HORMUZ_METHOD.md §3.2: a range has no meaningful midpoint)
    dependence_limited_max_pct
    10
    dependence_moderate_max_pct
    33
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    band
    significant
    unit
    % of imported tonnes
    period
    2026-02
    status
    NO_OBSERVATION
    country
    Poland
    commodity
    crude
    dimension
    DIRECT_CRUDE
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    country_iso2
    PL
    country_name
    Poland
    country_slug
    poland
    value_max_pct
    45.3198558414965
    value_min_pct
    0
    exposure_status
    RANGE_ONLY
    statement_topic
    hormuz
    value_point_pct
    null
    observation_date
    2026-02-01
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    study_calculation_version
    event_study-1.0

    Template event.dependence.range v1.1 · Fingerprint b8cc13f9c93659c2e424c9c531b3e080d12db057b47e14f50897fb823ad5327e · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  18. Direct physical dependence on Hormuz-linked refined product was limited (0%) for Poland in 2026-02.

    about PolandCalculatedLow
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    band
    limited
    unit
    % of imported tonnes
    period
    2026-02
    status
    OBSERVED
    country
    Poland
    commodity
    refined product
    dimension
    DIRECT_PRODUCT
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    country_iso2
    PL
    country_name
    Poland
    country_slug
    poland
    value_max_pct
    0
    value_min_pct
    0
    exposure_status
    COMPUTED
    value_point_pct
    0
    observation_date
    2026-02-01
    Thresholds
    source
    v1 choice of this module; docs/METHODOLOGY.md §9 publishes no bands
    band_applied_to
    upper bound of the range (docs/HORMUZ_METHOD.md §3.2: a range has no meaningful midpoint)
    dependence_limited_max_pct
    10
    dependence_moderate_max_pct
    33
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    band
    limited
    unit
    % of imported tonnes
    period
    2026-02
    status
    OBSERVED
    country
    Poland
    commodity
    refined product
    dimension
    DIRECT_PRODUCT
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    country_iso2
    PL
    country_name
    Poland
    country_slug
    poland
    value_max_pct
    0
    value_min_pct
    0
    exposure_status
    COMPUTED
    statement_topic
    hormuz
    value_point_pct
    0
    observation_date
    2026-02-01
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    study_calculation_version
    event_study-1.0

    Template event.dependence.point v1.1 · Fingerprint 6b91e3ff4390567aee518883851be529573c02dbf8ec065b14af808c13b53e55 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  19. Available evidence does not show a physical supply reduction: Poland's reported crude imports in 2026-02 were -9.8% against the mean of the previous 12 months.

    about PolandCalculatedHigh
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    unit
    tonnes
    month
    2026-02
    country
    Poland
    change_pct
    -9.840116674342253
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    country_iso2
    PL
    country_name
    Poland
    country_slug
    poland
    partner_role
    ORIGIN
    value_tonnes
    1862117
    baseline_months
    12
    observation_date
    2026-02-01
    series_source_ids
    ["eurostat_nrg_ti_oilm"]
    baseline_mean_tonnes
    2065349.8333333333
    Thresholds
    source
    v1 choice of this module; docs/METHODOLOGY.md publishes no cut-off
    min_baseline_months
    6
    baseline_months_used
    12
    supply_reduction_pct
    -10
    supply_baseline_months
    12
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    unit
    tonnes
    month
    2026-02
    country
    Poland
    change_pct
    -9.840116674342253
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    country_iso2
    PL
    country_name
    Poland
    country_slug
    poland
    partner_role
    ORIGIN
    value_tonnes
    1862117
    baseline_months
    12
    statement_topic
    event
    observation_date
    2026-02-01
    series_source_ids
    ["eurostat_nrg_ti_oilm"]
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    baseline_mean_tonnes
    2065349.8333333333
    study_calculation_version
    event_study-1.0

    Template event.supply.no_reduction v1.1 · Fingerprint 50067cbec9d51ce257536e5203f99d4859e0fd1b327d53588c09c7d858b3090c · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  20. In 2026-02, Poland's oil stocks stood 0.2% below their trailing 12-month mean — inside the 5% either side that this site reads as in line with it, with 91.6 days of cover (as published).

    about PolandCalculatedHigh
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    unit
    tonnes
    month
    2026-02
    status
    OBSERVED
    country
    Poland
    direction
    below
    siec_code
    O4000
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    holder_type
    STK_CL
    series_code
    INVENTORY_PL
    country_iso2
    PL
    country_name
    Poland
    country_slug
    poland
    days_of_cover
    91.551
    metric_status
    COMPUTED
    mom_change_pct
    0.6887272643771216
    observation_date
    2026-02-01
    series_source_ids
    ["eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm"]
    total_stock_tonnes
    11312889
    days_of_cover_basis
    as published by Eurostat (nrg_stk_oem, STK_EUE_DIR); not stocks divided by consumption (docs/HORMUZ_METHOD.md D7)
    observation_gap_days
    27
    trailing_12m_mean_tonnes
    11336444.75
    level_vs_trailing_12m_pct
    -0.2077878075487467
    trailing_12m_observations
    12
    Thresholds
    source
    v1 choice of this module; docs/METHODOLOGY.md publishes no band
    band_applied_to
    the rounded figure printed in the sentence
    days_of_cover_basis
    as published (Eurostat nrg_stk_oem, STK_EUE_DIR); never stocks divided by consumption (docs/HORMUZ_METHOD.md D7)
    trailing_window_months
    12
    level_vs_trailing_12m_pct_raw
    -0.2077878075487467
    level_vs_trailing_12m_pct_shown
    -0.2
    inventory_material_deviation_pct
    5
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    unit
    tonnes
    month
    2026-02
    status
    OBSERVED
    country
    Poland
    direction
    below
    siec_code
    O4000
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    holder_type
    STK_CL
    series_code
    INVENTORY_PL
    country_iso2
    PL
    country_name
    Poland
    country_slug
    poland
    days_of_cover
    91.551
    metric_status
    COMPUTED
    mom_change_pct
    0.6887272643771216
    statement_topic
    event
    observation_date
    2026-02-01
    series_source_ids
    ["eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm"]
    total_stock_tonnes
    11312889
    calculation_version
    event_statements-1.0
    days_of_cover_basis
    as published by Eurostat (nrg_stk_oem, STK_EUE_DIR); not stocks divided by consumption (docs/HORMUZ_METHOD.md D7)
    methodology_version
    1.0
    observation_gap_days
    27
    trailing_12m_mean_tonnes
    11336444.75
    level_vs_trailing_12m_pct
    -0.2077878075487467
    study_calculation_version
    event_study-1.0
    trailing_12m_observations
    12

    Template event.inventory_level.in_line v1.1 · Fingerprint 4dfa9d0c3ac5415cb6d99ed8d0c4bb30a573765e6fe77ab35304d5badf0ff58d · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  21. Summary of what can be checked here

    Only part of the chain can be checked for Poland around Strait of Hormuz shipping disruption (2026): 4 of the 8 series the method compares are available (crude benchmark, inventories, pre-tax pump price and pump price with tax), while refined-product benchmark, refining margin, freight rates and wholesale prices are not. Any claim that rests on the missing links cannot be tested here. Direct physical dependence on Hormuz-linked crude was significant (0–45%) over the period covered. This page describes what each series did around the event date. It is not a finding about cause: no causal design is published for this site, and a series that moved in the same window may have moved for other reasons.

    about PolandUnknownUnknown
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    event
    Strait of Hormuz shipping disruption (2026)
    country
    Poland
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    country_iso2
    PL
    country_name
    Poland
    country_slug
    poland
    dependence_band
    significant
    dependence_range
    0–45%
    channels_available
    ["crude benchmark","inventories","pre-tax pump price","pump price with tax"]
    supply_template_id
    event.supply.no_reduction
    channels_unavailable
    ["refined-product benchmark","refining margin","freight rates","wholesale prices"]
    Thresholds
    source
    v1 choice of this module; the channel list is docs/PRICE_MODEL.md §2.3
    channels_total
    8
    channels_available
    4
    verdict_partial_min_channels
    3
    verdict_assessable_min_channels
    8
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    event
    Strait of Hormuz shipping disruption (2026)
    country
    Poland
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    country_iso2
    PL
    country_name
    Poland
    country_slug
    poland
    dependence_band
    significant
    statement_topic
    event
    dependence_range
    0–45%
    channels_available
    ["crude benchmark","inventories","pre-tax pump price","pump price with tax"]
    supply_template_id
    event.supply.no_reduction
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    channels_unavailable
    ["refined-product benchmark","refining margin","freight rates","wholesale prices"]
    study_calculation_version
    event_study-1.0

    Template event.verdict.partial v1.1 · Fingerprint 5bd7bcfa0ac36a311a793fa21af5be3ec25f2924cb099d9b68ff9e4757a1f810 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  22. In the 7 days after Strait of Hormuz shipping disruption (2026), the Brent crude benchmark moved +34.2%, which is 17.7 times its normal day-to-day variation over the previous three years — outside that range.

    about the event as a wholeCalculatedHigh
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    unit
    $/BBL
    event
    Strait of Hormuz shipping disruption (2026)
    value
    95.74
    status
    OBSERVED
    z_score
    11.429511613277612
    t0_value
    71.32
    benchmark
    Brent crude
    change_pct
    34.24004486819967
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    offset_days
    7
    series_code
    BRENT
    variation_label
    day-to-day
    observation_date
    2026-03-06
    same_observation
    false
    volatility_units
    17.72499106459417
    series_source_ids
    ["eia_brent_rbrte"]
    change_abs_from_t0
    24.42
    change_pct_from_t0
    34.24004486819967
    observation_gap_days
    1
    normal_volatility_pct
    1.9317383429656259
    change_in_volatility_units
    17.72499106459417
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (day-to-day)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    unit
    $/BBL
    event
    Strait of Hormuz shipping disruption (2026)
    value
    95.74
    status
    OBSERVED
    z_score
    11.429511613277612
    t0_value
    71.32
    benchmark
    Brent crude
    change_pct
    34.24004486819967
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    7
    series_code
    BRENT
    statement_topic
    event
    variation_label
    day-to-day
    observation_date
    2026-03-06
    same_observation
    false
    volatility_units
    17.72499106459417
    series_source_ids
    ["eia_brent_rbrte"]
    change_abs_from_t0
    24.42
    change_pct_from_t0
    34.24004486819967
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    1
    normal_volatility_pct
    1.9317383429656259
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    17.72499106459417

    Template event.benchmark_move.outside_normal v1.1 · Fingerprint 4ea435198e2ad85179076b27dc38a89512f04178c41f341853cd2dbe9edcddb3 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  23. In the 30 days after Strait of Hormuz shipping disruption (2026), the Brent crude benchmark moved +70.9%, which is 36.7 times its normal day-to-day variation over the previous three years — outside that range.

    about the event as a wholeCalculatedHigh
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    unit
    $/BBL
    event
    Strait of Hormuz shipping disruption (2026)
    value
    121.88
    status
    OBSERVED
    z_score
    20.908399390463835
    t0_value
    71.32
    benchmark
    Brent crude
    change_pct
    70.89175546831184
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    offset_days
    30
    series_code
    BRENT
    variation_label
    day-to-day
    observation_date
    2026-03-30
    same_observation
    false
    volatility_units
    36.69842539827523
    series_source_ids
    ["eia_brent_rbrte"]
    change_abs_from_t0
    50.56
    change_pct_from_t0
    70.89175546831184
    observation_gap_days
    0
    normal_volatility_pct
    1.9317383429656259
    change_in_volatility_units
    36.69842539827523
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (day-to-day)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    unit
    $/BBL
    event
    Strait of Hormuz shipping disruption (2026)
    value
    121.88
    status
    OBSERVED
    z_score
    20.908399390463835
    t0_value
    71.32
    benchmark
    Brent crude
    change_pct
    70.89175546831184
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    30
    series_code
    BRENT
    statement_topic
    event
    variation_label
    day-to-day
    observation_date
    2026-03-30
    same_observation
    false
    volatility_units
    36.69842539827523
    series_source_ids
    ["eia_brent_rbrte"]
    change_abs_from_t0
    50.56
    change_pct_from_t0
    70.89175546831184
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    0
    normal_volatility_pct
    1.9317383429656259
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    36.69842539827523

    Template event.benchmark_move.outside_normal v1.1 · Fingerprint 29bbc9c1226a318de551eedf873f282db221eb9ec716b009f1161b898b5d397c · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  24. In the 90 days after Strait of Hormuz shipping disruption (2026), the Brent crude benchmark moved +30.2%, which is 15.6 times its normal day-to-day variation over the previous three years — outside that range.

    about the event as a wholeCalculatedHigh
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    unit
    $/BBL
    event
    Strait of Hormuz shipping disruption (2026)
    value
    92.88
    status
    OBSERVED
    z_score
    10.392418306362824
    t0_value
    71.32
    benchmark
    Brent crude
    change_pct
    30.22994952327538
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    offset_days
    90
    series_code
    BRENT
    variation_label
    day-to-day
    observation_date
    2026-05-29
    same_observation
    false
    volatility_units
    15.64909121018224
    series_source_ids
    ["eia_brent_rbrte"]
    change_abs_from_t0
    21.560000000000002
    change_pct_from_t0
    30.22994952327538
    observation_gap_days
    0
    normal_volatility_pct
    1.9317383429656259
    change_in_volatility_units
    15.64909121018224
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (day-to-day)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    unit
    $/BBL
    event
    Strait of Hormuz shipping disruption (2026)
    value
    92.88
    status
    OBSERVED
    z_score
    10.392418306362824
    t0_value
    71.32
    benchmark
    Brent crude
    change_pct
    30.22994952327538
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    90
    series_code
    BRENT
    statement_topic
    event
    variation_label
    day-to-day
    observation_date
    2026-05-29
    same_observation
    false
    volatility_units
    15.64909121018224
    series_source_ids
    ["eia_brent_rbrte"]
    change_abs_from_t0
    21.560000000000002
    change_pct_from_t0
    30.22994952327538
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    0
    normal_volatility_pct
    1.9317383429656259
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    15.64909121018224

    Template event.benchmark_move.outside_normal v1.1 · Fingerprint da6e291650428ea4feda72840b110dea4b3e2942f69e01f932de816d3716527d · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  25. Freight rates reaction cannot be assessed: tanker freight rates are licensed such that public display, onward passing and derived data are all expressly prohibited, verified verbatim, and no open institution publishes a tanker rate.

    about the event as a wholeUnknownUnknown
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    channels
    ["freight rates"]
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    reason_code
    NO_LICENSED_FREIGHT_SOURCE
    Thresholds
    source
    CLAUDE.md §1; docs/PRICE_MODEL.md §2.1 (a series with no licensed source is visible as a gap)
    any_missing_channel_is_disclosed
    true
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    channels
    ["freight rates"]
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    reason_code
    NO_LICENSED_FREIGHT_SOURCE
    statement_topic
    event
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    study_calculation_version
    event_study-1.0

    Template event.channel.unavailable v1.1 · Fingerprint cbf9fd2371d9caad14a75cea5013e1be30bd2eb2033908f832c88c88067f87e7 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  26. Refined-product benchmark reaction cannot be assessed: EU refined-product benchmarks (Platts / Argus) are proprietary with no redistribution grant. US crack spreads are not a valid EU proxy and are not substituted.

    about the event as a wholeUnknownUnknown
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    channels
    ["refined-product benchmark"]
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    reason_code
    NO_LICENSED_PRODUCT_BENCHMARK
    Thresholds
    source
    CLAUDE.md §1; docs/PRICE_MODEL.md §2.1 (a series with no licensed source is visible as a gap)
    any_missing_channel_is_disclosed
    true
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    channels
    ["refined-product benchmark"]
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    reason_code
    NO_LICENSED_PRODUCT_BENCHMARK
    statement_topic
    event
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    study_calculation_version
    event_study-1.0

    Template event.channel.unavailable v1.1 · Fingerprint 8af490b1ea34e00f40494098d666c15e05cfca35931abd7a50a334f8e61f0d3e · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  27. Wholesale prices reaction cannot be assessed: wholesale / rack price series are proprietary with no redistribution grant.

    about the event as a wholeUnknownUnknown
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    channels
    ["wholesale prices"]
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    reason_code
    NO_LICENSED_WHOLESALE_SERIES
    Thresholds
    source
    CLAUDE.md §1; docs/PRICE_MODEL.md §2.1 (a series with no licensed source is visible as a gap)
    any_missing_channel_is_disclosed
    true
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    channels
    ["wholesale prices"]
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    reason_code
    NO_LICENSED_WHOLESALE_SERIES
    statement_topic
    event
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    study_calculation_version
    event_study-1.0

    Template event.channel.unavailable v1.1 · Fingerprint cb537d4c961760559b281257dfa2ff078da30874030ebc0d45438e5b240ce371 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  28. Refining margin reaction cannot be assessed: no published refining-margin series is held, and computing a margin ourselves would need the licensed EU product benchmarks, which may not be republished.

    about the event as a wholeUnknownUnknown
    Why this sentence
    Variables
    t0
    2026-02-28T00:00:00+00:00
    channels
    ["refining margin"]
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    reason_code
    NO_REFINERY_MARGIN_SERIES
    Thresholds
    source
    CLAUDE.md §1; docs/PRICE_MODEL.md §2.1 (a series with no licensed source is visible as a gap)
    any_missing_channel_is_disclosed
    true
    Inputs
    t0
    2026-02-28T00:00:00+00:00
    channels
    ["refining margin"]
    event_name
    Strait of Hormuz shipping disruption (2026)
    event_slug
    hormuz-2026
    event_type
    HORMUZ_DISRUPTION
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    reason_code
    NO_REFINERY_MARGIN_SERIES
    statement_topic
    event
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    study_calculation_version
    event_study-1.0

    Template event.channel.unavailable v1.1 · Fingerprint c3272c131b1b047dc850145474462c0a9daea21ea6429e3edc6c8e07abc867e8 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

What this does not show

  • It does not show that the event caused anything. No causal design is published for this site, and a series that moved in this window may have moved for other reasons.
  • A change in volatility units is not a significance test, and neither is a z-score. They measure different things and are not interchangeable.
  • Channels with no licensed or loaded source are shown as empty panels, not as flat lines. “We cannot see this” is not “this did not move”.
  • Nothing is interpolated. Where several offsets resolve to one published figure, that is what the publisher printed, and the change against the event date is zero because it is the same number.

Poland: supply, refineries and pump prices →

How to read the labels

  • OfficialReported directly by an official authority.
  • VerifiedReported by a third party we have verified against a primary record.
  • CalculatedComputed by us from reported inputs. The method is published on the methodology page.
  • Inferred · highNot reported. Inferred from at least two independent physical records.
  • Inferred · mediumNot reported. Inferred from strong indirect evidence, with no explicit confirmation.
  • Inferred · lowNot reported. Plausible from infrastructure or movement data only. Do not read as fact.
  • UnknownNo defensible public evidence establishes this. We are not guessing, and this is not a measurement of zero.