Real "Oil Price Crisis": Global Refining Hubs Face Widespread Shutdowns, Wall Street Warns of "Perfect Storm in Refined Products"

The Hormuz crisis has persisted for five months, and the real shock is now hitting the refined products market: U.S. diesel crack spreads broke above $97 per barrel intraday, nearing historical extremes, with three of the world's four major refining hubs halted. Middle East exports have plunged, Russia has imposed a sales ban, and the U.S. is forced to shoulder global supply alone while inventories run critically low. Bank of America warns that unless supply sees a substantial recovery, the diesel market will remain tight, volatile, and high-priced for a considerable period next year.