Saudi Arabia got crude moving through the Strait again and restarted the East-West Pipeline in the same week. Iraq is adding barrels through Turkey. An Iranian official floated a seven-day Hormuz reopening and crude sold off before anyone could verify it. Diesel did not flinch. Gasoil’s premium to Brent hit a record and the White House responded by talking about banning diesel exports. The crude side of the energy market is getting relief. The diesel side has a problem nobody in the supply chain has solved yet.
Oil News: Crude Gets Gulf Supply Relief as Diesel Premium Hits a Record
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Key Points:
- Saudi and Iraqi crude flows are pulling Gulf risk premium from Brent and WTI, but diesel supply remains tight.
- European gasoil's record $95 premium to Brent shows diesel traders are still paying for a shortage.
- The EIA report tests a 1.8 million-barrel API crude build as traders track Gulf flows and Hormuz headlines.