Persian Gulf crude exports recovered to roughly 98% of pre-war levels, easing pressure on global oil buyers, while refined-product shipments remained near 3 million barrels per day, or about 58% of pre-war levels, with about 2 million barrels per day of Middle Eastern refining capacity offline. Goldman Sachs analysts led by Daan Struyven estimated refined-product exports at about 50% of the 2025 average, while JPMorgan analysts led by Natasha Kaneva said crude supplies had largely normalized even as refined products remained constrained. President Donald Trump said he was still considering a diesel export ban after the U.S. oil industry warned that restrictions could pressure refineries to reduce production and ultimately raise domestic energy prices. Trump’s aides, Energy Secretary Chris Wright and Interior Secretary Doug Burgum believed restrictions could lower diesel prices, but Trump remained concerned about higher gasoline and other fuel costs and said stronger petroleum flows through the Strait of Hormuz could ease prices. Strait of Hormuz risks, Ukrainian attacks on Russia’s refining complex and Moscow’s diesel export ban continued to tighten global markets. U.S. diesel averaged $6.41 per gallon on Wednesday, according to AAA, roughly 73% above a year earlier, while gasoline averaged $4.43 per gallon.