Accelerating crude exports through the Strait of Hormuz aren’t translating into higher production of a dirty shipping fuel, according to a top Vitol Group executive, tightening supplies and sending prices soaring.

Chinese fuel exporters have canceled some oil-product cargoes slated for export in October, as Asia’s top consumer prioritizes domestic supply during an extended period of upheaval in global energy markets.

US drivers should brace for costlier gasoline if the Trump administration bans diesel exports, according to Morgan Stanley, which warned that such a restriction would carry “significant implications.”

Asia’s economies face a fresh test of resilience after oil crossed the $100 threshold again, with inflation running hot and fiscal and monetary policy already tight.

Singapore refiner Aster Chemicals and Energy Pte is buying crude from as far afield as Latin America and West Africa to replace Middle Eastern supplies squeezed by the Iran war.

The global refining sector’s diesel crunch is likely to result in tight supply for the coming months, keeping prices high and weighing on demand, according to analysts and traders.

Goldman Sachs Group Inc. stepped up warnings of tightness in global refining driven by wars in the Middle East and between Moscow and Kyiv, with the bank more than doubling its forecasts for profits from making diesel.

Growing congestion at the Panama Canal is forcing some gas tankers into unusual journeys, from a rare detour around South America to the possible emergence of shuttling through the waterway.

Oil extended declines as fresh diplomatic efforts helped renew optimism the Iran war would not escalate, while a US plan to ramp up economic pressure on Tehran spared the country’s trading partners from harsher measures for now.

A diesel squeeze spurred by wars in the Middle East and Ukraine is setting the stage for an even worse crunch as demand rises ahead of the Northern Hemisphere winter.

Ships continue to turn away from the southern end of the Red Sea, after Yemen’s Iran-backed Houthi rebels announced an embargo on Saudi exports through the Bab el-Mandeb Strait, a narrow channel that has become a lifeline for oil exports since the beginning of the US-Israeli war with Iran.

Oil-product shipments from India are on track to climb to their highest level since September as refiners cash in on robust profit margins after a Russian export ban and hostilities in the Middle East tightened supplies.

At least $1.6 billion worth of Moscow’s diesel, fuel oil and other products has been funneled from Indonesia’s tiny Karimun into major markets across the region.
 

At least $1.6 billion worth of Moscow’s diesel, fuel oil and other products has been funneled from Indonesia’s tiny Karimun into major markets across the region.
 

Oil extended its run of declines on growing signs of oversupply, with traffic through the Strait of Hormuz recovering and some of the impacts of the Iran war continuing to fade.

Oil rose as traders assessed upcoming peace talks between the US and Iran following a weekend of flare-ups over the Strait of Hormuz that served as a reminder of the fragility of their truce.

Kuwait is asking customers to pick up refined petroleum from its ports deep inside the Persian Gulf, as the region’s oil giants try to ratchet up production and traffic through the Strait of Hormuz increases.

Refineries in East Asia are starting to ramp up fuel exports after months of holding back and prioritizing local sales, in what appears to be an attempt to front-run the market before flows through the Strait of Hormuz return to normal.

A number of Iran-linked oil tankers have been shifting position as the country prepares to sign a peace deal that could allow Tehran to immediately start selling its oil.

Two Iran-linked tankers are sailing eastward through the Strait of Hormuz ahead of the US and the Islamic Republic signing an interim peace agreement on Friday that would re-open the waterway.