Uncertainty in the Middle East continues to generate considerable uncertainty, which is being reflected in product prices. After prices' surge early last week on the escalation in the conflict, hopes of a deal forced prices down, particularly in NW Europe, resulting in closed arbs.
Despite reported progress in talks between Iran and Oman about the future of the Strait of Hormuz, the waterway remains effectively closed, with almost no CPP volumes emerging from the Arabian Gulf over thepast five months.