Oil prices are rising due to ongoing conflict in the Middle East and shipping risks in the Strait of Hormuz, despite some recovery in Gulf crude shipments. Iran's continued attacks on tankers have upset hopes for reserve releases, contributing to market volatility. The International Energy Agency noted increased Gulf shipments but warned of vulnerability to further attacks. US crude inventories saw a significant draw, influenced by hurricane-related shutdowns, while gasoline and distillate stocks also changed. The US is not currently draining its Strategic Petroleum Reserve. US crude production decreased due to Gulf coast disruptions. Overall US diesel stocks are at record seasonal lows. WTI crude prices have surged significantly. However, the Brent oil benchmark is described as a "vibe contract," disconnected from physical markets, creating unpriceable risk and deterring hedging. Physical oil benchmarks like Dated Brent are trading much higher than futures. US officials are lobbying allies at an IEA meeting for an additional 100 million barrels from emergency reserves. This request follows previous coordinated releases and a US deal to supply diesel to global markets. Ukraine plans further attacks on Russian refineries, despite US requests to stop, which have contributed to a global refining crisis. The US is pushing for more oil releases as midterm elections approach, with consumers spending more on fuel.