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US diesel crack hits record $102.20 as Hormuz supply risks rise

Oil markets found renewed support after a reported vessel strike in the Strait of Hormuz, keeping pressure on supply expectations.

Reported · Written up by our desk · Energy

Oil prices found renewed support as concerns over supply risks in the Strait of Hormuz intensified, after UKMTO reported a vessel was struck by a projectile while transiting the waterway. The incident included damage to the vessel's engine room and a crew casualty, according to Forexlive.

Forexlive reports the move coincided with a record US diesel crack of $102.20 a barrel, a key gauge of how much diesel futures trade above West Texas Intermediate crude. The outlet described the premium as being lifted by supply disruptions tied to the region's wars.

Forexlive added that the vessel incident comes after the lapse of a 60-day US-Iran memorandum of understanding, with markets continuing to price limited near-term de-escalation. The broader oil tape was also framed as supported by a “packed 24 hours” around Hormuz developments.

Latest closeWTI crude $82.40 ▲1.4%

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