Global problem in oil but bigger problem in diesel, says Pickering Energy's Dan Pickering

Dan Pickering discusses oil and diesel markets amid Middle East tensions and the Iran-Oman Strait of Hormuz headlines. He argues the Iran-Oman news is noise and the US-Iran conflict remains unresolved, keeping oil supply tight after large inventory draws. He also sees a refining bottleneck supporting diesel near record highs, with Russian and Middle East refinery supply disrupted. - Iran-Oman joint corridor plan is viewed as noise, not a major change for Strait of Hormuz oil flows. - US and Iran remain far apart on the Strait of Hormuz, so conflict-driven oil risk persists. - Oil markets have drawn down roughly 2 billion barrels of inventories and will need to rebuild them. - Dan sees sustained tightness as bullish for oil prices and negative for oil consumers. - Diesel is near record highs partly due to a refining bottleneck. - Ukrainian attacks have knocked Russian refinery capacity offline, adding to diesel supply losses. - Middle East refinery supply is also off.