Crude Supply Relief Hits Diesel Premium as Record High Sparks Export Ban Talk

The crude oil market is receiving some much-needed relief as Saudi Arabia's efforts to increase supply are starting to pay off. The kingdom has managed to get crude moving through the Strait again and restarted the East-West Pipeline, which was previously shut down.

Meanwhile, Iraq is also contributing to the increased supply by adding barrels of oil through Turkey. This move comes after an Iranian official floated the idea of reopening the Strait of Hormuz for seven days, although this has yet to be confirmed.

Despite these positive developments on the crude side, the diesel market remains a concern. The premium for gasoil over Brent hit a record high, prompting the White House to consider banning diesel exports in response.