Diesel prices have jumped to $5/gallon in US, first time since Dec 2022. Iran conflict tightening supplies with ripple effects throughout economy.
speaker1
speaker4
Impacts throughout fuel market because refineries can't get as much crude oil, putting pressure on product supplies and bidding up prices of diesel and jet fuel.
speaker4
Fujairah port is vital because it's outside Strait of Hormuz, with pipeline moving 1M+ barrels/day from Gulf side to Indian Ocean.
speaker4
Saudis ramping up 5M barrels/day exports via East-West pipeline to Red Sea, important for keeping oil moving.
Some tankers moving through Strait of Hormuz - Pakistani tanker to India, LPG tankers exiting. Question if movement is on Tehran's terms.
speaker1
speaker4
Very limited tanker movements, not enough to make material difference to energy market disruption.