This chapter explores the transformative role of transparency, technology, and strategic asset-backed trading in reshaping global oil markets. It traces the evolution of electronic trading platforms, beginning with Enron’s pioneering efforts and culminating in the rise of the Intercontinental Exchange (ICE). By examining the strategic manoeuvres of key industry players—including Morgan Stanley, BP, Shell, and INEOS—the chapter highlights how control over liquidity, asset optimisation, and innovative trading strategies redefined the competitive landscape. Special attention is given to the shift from traditional vertical integration models to more dynamic, flexible asset-based, and asset-light trading approaches, emphasising the critical interplay between physical infrastructure, financial markets, and human expertise. The chapter ultimately demonstrates how these developments contributed to the financialisation of oil, positioning it as a globally recognised asset class and shaping modern commodity trading practices.