Crude Flows Return to Pre-War Levels Amid High Prices
Exports of crude oil through the Strait of Hormuz have returned to prewar levels, reaching a seven-day average of 13.5 million barrels per day according to research from Goldman Sachs, JPMorgan, and Kpler. Despite this recovery in flow rates, both Brent and WTI crude prices are lower in early trading on Thursday as refined product supply remains constrained. U.S. President Donald Trump is considering a ban on diesel exports amid record-high pump prices that pose challenges for the global economy. Meanwhile, bond market jitters persist despite softer U.S. inflation data with PCE up 3.4% year-on-year in August. Minneapolis Fed President Neel Kashkari noted that inflation remains elevated and unchanged by recent readings. In technology news, Google unveiled its latest AI model, Gemini 4 Argon, while Meta's stock saw a significant rise last month due to the release of its Muse personal AI agent.
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Topics: Brent crude diesel prices oil exports Strait of Hormuz U.S. inflation WTI