Oil exceeds $90 as US-Iran conflict grows

Europe is facing a significant diesel supply shortfall, with inventories projected to decline to multi-year lows by the end of the year due to tight refining capacity and high demand. Analysts predict stockpiles will fall steadily from August, reaching their lowest levels since at least 2015. Simultaneously, tensions in the Middle East have escalated, leading to US strikes on Iran, increased threats to shipping in the Strait of Hormuz, and rising oil prices, now exceeding $90 per barrel.

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