The Iran war and subsequent blockade of the Strait of Hormuz are driving up energy prices. Oil traders shared insider insights at their annual meeting in Lausanne. Energy supplies are becoming less secure due to the war in Iran and the blockage of shipping in the Strait of Hormuz. At the centre of this geopolitically sensitive business are major oil traders, a secretive industry that reveals little about its strategy. They provided rare insights at the FT Commodities Global Summit in Lausanne held between April 20-22. For example, the commodities trader Trafigura, headquartered in Geneva, is directly affected by the war, said CEO Richard Holtum. The company controls a large fleet of tankers. Nine ships are blocked in the Persian Gulf. Only one had been able to pass through the Strait of Hormuz. Geneva-based competitor Mercuria, on the other hand, was able to extricate all its tankers, explained CEO Marco Dunand. He remained silent about how the company pulled it of and at what price.