Tensions in the Strait of Hormuz, exacerbated by a potential blockade, are prompting a CFTC investigation into $580M in oil futures trades. The probe aims to deter speculative activity amid heightened geopolitical risk. Simultaneously, a fire at Viva Energy's Geelong refinery underscores vulnerabilities in global oil supply chains, potentially increasing Australia's import dependence. These events suggest a confluence of factors impacting oil market stability.

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