Oil Flows Out of Persian Gulf Near Pre-War Levels, Lowering Prices

Crude oil flows out of the Persian Gulf are nearing pre-war levels, which is contributing to lower oil prices. The benchmark retail diesel price has decreased by 14.7 cents per gallon from last week's average, reaching $6.382 per gallon for the first time in four weeks.

The J.P. Morgan report states that product exports are only slightly above 50% of pre-war figures, with one notable exception: Iran, which has seen its exports halted due to U.S. sanctions.

In the futures market, ultra low sulfur diesel (ULSD) on the CME decreased from $5.262 per gallon on September 16 to $4.6847 per gallon on Friday, but rebounded slightly in Monday and Tuesday trading.