BREAKING: Oil executives warn US diesel prices will not return to normal for more than a year, with almost half of 100 oil and gas companies surveyed by the Dallas Fed now saying it will take more than four quarters to get back to 2025 levels, per the FT.
"Diesel is the mother's milk of the economy," one respondent says. "We are just starting to see the impact on the wider economy."
Chevron CEO Mike Wirth said two weeks ago that the Great Fuel Crisis executives had warned about has arrived and that the mechanisms mitigating price and supply risk have "largely now played out."
BREAKING: Iran declares "The time for negotiations is over, it's time for action. Unless the US meets Iran's demands, the Strait of Hormuz will remain closed indefinitely and no further talks will take place," per Iran's SNSC chief Rezaei to IRIB.
"I advise Trump: Don't waste time, just submit to our demands," he adds.
BREAKING: China has taken possession of sensitive US F-35 stealth parts mistakenly diverted to Hong Kong while being shipped from Australia to the US, including a cockpit canopy and a weapons-bay door both coated in radar-absorbing material, and has not returned them, per Bloomberg.
A US-contracted UPS aircraft was carrying the parts from Australia to the US for inspection. The aircraft stopped in South Korea and was routed from there to Hong Kong, with no explanation for either leg.
It comes as Xi arrives in the US today for a state visit with Trump.
BREAKING: Trump calls for a total ban on US diesel exports, saying "Let's not send out the diesel. We make a lot of diesel," that a decision would come "fast," and that an announcement is expected "very soon."
It would be the first US diesel export ban in history.
Europe stands to be hit hardest, as the US is the world's largest diesel exporter and Europe its biggest customer, buying record volumes since the Gulf barrels stopped, making its worst-ever energy crisis worse. Russia, the second largest exporter, has already halted its own exports.
US diesel is at a record $6.53 a gallon today and 16% of French stations are out of fuel.