Crude exports moving through the Strait of Hormuz have effectively returned to prewar levels. According to estimates from Goldman Sachs, JPMorgan and Kpler, the seven-day average of shipments through the passage has reached 13.5 million barrels per day, matching the prewar baseline.
That recovery has not removed the pressure on energy markets. CNBC reported that refined-product supply remains constrained, while shipments are still well below average levels. Diesel prices at the pump have climbed to record highs, adding to concerns for the global economy.
U.S. President Donald Trump said he is still weighing a ban on diesel exports in an effort to bring prices down domestically. At the same time, both Brent and WTI were lower in early trading on Thursday.
Markets are also entering the fourth quarter with bond-market jitters still in focus. U.S. August PCE inflation came in at 3.4%, but that was not enough to calm Treasurys. Minneapolis Fed President Neel Kashkari told CNBC that inflation remains too high and that the latest data did not materially change his view.
In technology news, Google unveiled its new AI model, Gemini 4 Argon, with coding and cybersecurity features, and said the rollout would come in phases. Meta shares, meanwhile, rose nearly 30% in September after investors welcomed the launch of its Muse personal AI agent.
