The recovery in crude oil has not extended to refined products, and Iranian attacks on regional refineries have caused a critical diesel shortage. US national average prices for diesel hit a record $6.53 per gallon late last month, with California prices reaching $8.44 per gallon. President Trump is currently reviewing options to lower these costs to mitigate the impact on the pricing of groceries and gadgets transported by semitrucks.
Tuesday, October 20, 2026
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Persian Gulf Oil Flows Dip After Recovery to Pre-War Levels
Commodities13 days ago
Secretary of State Marco Rubio declared that Iran has completely lost control of the Strait of Hormuz after crude shipments nearly returned to pre-war levels. Vortexa data shows the Middle East now accounts for 40% of global crude seaborne flows, up from a low of 20% in May, with total global seaborne exports rising 10% above the 2021-2025 average. Despite these gains and claims from Vice President JD Vance that Iran cannot stop exports, recent shipping data from Kpler indicates that Persian Gulf oil flows have begun to decline again following the September rebound.
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