Shipping traffic through the Strait of Hormuz surged nearly 400% in two weeks, climbing from 39 to 192 transits according to UKMTO. This recovery remains about 90% below pre-war levels, with oil flows estimated at 7 to 9 million barrels per day versus 20.9 million before the conflict. The US diesel crack spread hit an all-time high of $102.20 on August 17. WTI settled at $87.57 and Brent at $92.40 on Friday, sitting just below their May downtrend lines. New Iran sanctions are expected to be unveiled on Monday, which could keep prices under bullish pressure.
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