This is a brief live-on-air commentary just after the G7 announced that it would release 100M barrels of diesel fuel to supply markets that are tight due to the Hormuz crisis. This will go a long way to keep inflation in the US, Europe and Asian allies down, protecting consumers and economies.
While Hormuz is already, as I said, transiting as much CRUDE OIL as before the Iranian regime closed it – i.e., Tehran has lost control of the Straight to the US military, which is successfully escorting ships out even in daylight now.
Meanwhile, the amount of REFINED OIL products flowing out has not yet gotten up to pre-war levels, and so we see the present refined-fuel-market shortages and high prices.
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