Felipe Elink-Schuurman, Jay Maroo, Abhishek Kumar and Jorge Molinero unpack Iran's shift from blocking Hormuz to policing it, mounting strikes on Saudi and Russian energy infrastructure, a bearish TD3C freight call, Russian diesel exports returning, and tight Naphtha and LPG markets heading into winter.
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(00:04:47) Escalation Risk Into Midterms: US troop buildup, Houthi strikes on Riyadh and Aramco, and Trump-Netanyahu strike talk ahead of elections.
(00:13:04) Russia's Diesel Bandaid: Putin-Trump OFAC deal adds export barrels, but refinery damage still caps Russia's real capacity.
(00:18:47) Freight Tops Out: Jay turns bearish on TD3C as weak refining margins cut appetite for expensive crude freight.
(00:29:40) Diesel Floods Back: EU SPR releases and recovering Russian exports could flip diesel from tight to oversupplied by December.
(00:43:18) Naphtha Tight, LPG Strong: Jorge flags scarce naphtha, firm East-West arbs, and tightening butane as winter demand builds.
