UK Holds Emergency Talks With U.S. as Diesel Crisis Escalates
Energy secretary Miatta Fahnbulleh is holding crunch talks with her American counterpart over Donald Trump’s threat to curb diesel exports to Europe. City AM understands that Fahnbulleh is in direct contact with US energy secretary Chris Wright to discuss a US move to potentially choke off diesel ex
Source: OilPrice.com
―
DW NOTE
The Strait of Hormuz has been effectively shut for a month, cutting off 21% of global oil supply, yet Brent is only at $102 and diesel stockpiles are somehow just now a crisis. Either Western inventories were far higher than reported, or demand destruction from $5.26% 10-year yields is doing the Fed's inflation work without anyone calling it a recession yet.