­MNI Oil Weekly: Hormuz Uptake Sluggish

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Executive Summary: 

• Hormuz Uptake Sluggish: In the early stages of a tentative ceasefire, Hormuz passage remains limited and its unclear under which terms it will operate with conflicting U.S./Iran messaging. Developments could hinge on Lebanon action which may halt transit.
• Oil Markets: Brent and WTI prices fell back to the lowest since March 11 and both back below $100/bbl driven by a reduced risk premium after a patchy two-week ceasefire in Iran. US and European diesel cracks have also pulled back but remain at historically high levels as global supply remains very tight.