This chapter delves into the transformative entry of investment banks into the oil trading markets during the 1980s. 1 The chapter begins with a vivid anecdote about J. Aron oil trader Tom Wolkoff, highlighting the dangerous environment of New York City at the time. It then explores the origins and impact of the term “Wall Street Warriors,” coined by Jan Nasmyth, and the subsequent rise of investment banks like Morgan Stanley and Goldman Sachs in oil trading. The chapter outlines the key developments that facilitated this shift, including the oversaturation of precious metals markets, the growing interest in NYMEX crude oil contracts, and the volatility caused by Saudi Arabia’s adoption of netback pricing. 2 It provides a detailed account of the strategies and personnel that shaped the oil trading divisions of Morgan Stanley and Goldman Sachs, emphasizing their rivalry and differing approaches to risk management and client relations. The narrative also covers the broader implications of Wall Street’s involvement in oil trading, such as the introduction of new financial products and the shift from traditional trading methods to more analytical and calculated approaches. The legacy of these Wall Street refiners and their lasting impact on the oil trading industry.