Same story playing out across the pond. Asian gasoil cracks are ripping higher. The crack spread avged $64.71/bbl in August versus the 2025 avg of $18.16/bbl. Jet fuel crack spread avged $44.74/bbl YTD in 2026, more than double the 2025 avg of $17.32/bBL. Small silver lining is all Big 4 Korean refiners are set to max out run rates and export quotas(within regulatory limits) in 2H26 to capture these fat refining margins. Thai, Japanese, and Taiwanese refiners are also lined up to push more spot barrels the second domestic balances clear. That should take some heat off the East of Suez product complex. Obviously Tehran and Washington could blow that trade thesis to pieces overnight... but that’s the playbook on paper. #oott# #iran#