Brent crude futures declined as mixed news regarding Iran and anticipation of diplomatic efforts influenced energy markets. Recent US military escorts of commercial vessels through the Persian Gulf highlight ongoing tensions. Hostilities persisted in the Strait of Hormuz, with reports of vessels being hit and Iran claiming responsibility for one incident. President Trump indicated a significant decision regarding Iran was imminent, potentially involving military action or expanded sanctions. Despite disruptions, Middle East oil exports have remained remarkably stable, primarily due to rerouting flows through the Strait of Hormuz. While total exports through Hormuz and alternative routes have increased recently, they still fall significantly short of pre-conflict levels. This ongoing deficit creates market uncertainty, especially with winter approaching and Saudi Arabia halting crude loadings due to pipeline issues. Increased shipments through Hormuz are partly attributed to "dark transits," meaning unobservable shipments. Recent increases in Gulf crude loadings, particularly from Saudi Arabia and Iraq, have bolstered supply figures. The market's focus appears to be shifting from crude supply concerns to refining capacity, particularly for diesel.