Iran's New Hormuz Deal With Oman Doesn't Reopen the Strait — It Scraps the Route the US Built

Iran’s New Hormuz Deal With Oman Doesn’t Reopen the Strait — It Scraps the Route the US Built

Iran and Oman’s newest Hormuz plan isn’t a reopening — it’s a reroute. Iranian officials say the temporary corridor would allow inbound commercial vessels to use Iranian waters, while outbound ships would pass through both Iranian and Omani waters, and as a first step it would scrap the very corridor Washington backed: the agreement included as a first step the closure of the current southern route through Hormuz along the coast of Oman, a move that will undoubtedly raise objections from the US. Meanwhile the IRGC says the US is obstructing this process, flipping the narrative on who’s actually blocking Hormuz traffic.

#StraitOfHormuz #Iran #Oman #OilGeopolitics #TankerTraffic

Asian Refiners Are About to Double Their US Crude Buys — Right as Canada’s Oil Sands Go Down for Maintenance

US refiners face a pincer in September. Canada supplies more than four million barrels a day of crude, most produced in the oil-rich heartland of northern Alberta, but planned maintenance in the Canadian oil sands is set to take about 300,000 barrels a day of production offline next month, with Alberta’s stockpiles also at their lowest in more than a year. Simultaneously, total US-to-Asia crude trades for September loading are running above 40 million barrels versus 22 million in August, and sour grades face the biggest squeeze, with no additional SPR releases planned. Midwest plants sourcing about 70 percent of their supply from Canada have zero cushion.

#CrudeSupply #OilSands #RefiningMargins #DieselMarket #MidwestRefining

Putin Just Declared Peace Talks Dead — Russia’s Diesel Export Ban Isn’t Going Anywhere Either

Two Russia storylines just merged. Bloomberg reports Russia is preparing to escalate attacks on Ukraine after concluding that negotiations for a peace deal have reached a dead end, with Moscow weighing an intensification of powerful conventional ballistic missile attacks on Kyiv and infrastructure targets in other Ukrainian cities — killing any near-term case for de-escalation. Meanwhile, sources tell Reuters Russia is set to extend its diesel export ban through September as fuel shortages persist in the domestic market, with a number of refineries still idle following repeated Ukrainian drone attacks. Repaired refineries won’t mean exported barrels — Moscow is keeping diesel home regardless.

#RussianOil #UkraineWar #DieselMarket #OilGeopolitics #FuelSupply