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Jefferies: Diesel Cracks Reveal the Real Oil Market Squeeze

Brent crude futures held near recent highs of $90 a barrel before fading to around $87 early Thursday morning, as traders awaited progress toward reopening the Strait of Hormuz.

  • Brent crude near $90, then $87 as Strait of Hormuz reopening awaited
  • US-Iran tensions stall negotiations, blockade persists
  • Diesel supply crunch deepens, IEA warns 1.8M-barrel deficit