Jefferies: Diesel Cracks Reveal the Real Oil Market Squeeze

Brent crude futures held near recent highs of $90 a barrel before fading to around $87 early Thursday morning, as traders awaited progress toward reopening the Strait of Hormuz. Stalled US-Iran negotiations and tightening global fuel supplies continued to support prices and concern some top energy experts, who warn of a looming supply shock. US-Iran talks remain deadlocked to end the week as the Trump administration maintains its blockade of Iranian ports and Tehran demands compensation for war-related damage. Pakistan,…