Recapping a crude Tuesday: Oil prices climb to one-month high as Middle East conflict escalates

The renewed US naval blockade around Iran has revived fears that a meaningful share of global crude flows through the Strait of Hormuz could be disrupted, keeping a geopolitical risk premium firmly embedded in benchmark prices. Traders are also digesting the record widening in diesel refining margins, which points to a tightening middle distillate market as…

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