Oil prices are experiencing sideways to modest gains for the second consecutive day. Traders are considering the impact of the 'dark fleet' on oil transits and renewed Middle East tensions. These factors are creating uncertainty about supply through the Strait of Hormuz. Analysts believe these geopolitical concerns and a protracted "closed for longer" scenario are supporting oil and refined product prices. Global inventories continue to decline, reducing the buffer for supply shortages. This makes every report on supply and production, especially for refined products, significant. Official data showed a substantial crude inventory build, while Cushing stocks experienced a draw. Product inventories were mixed, with distillates declining for the third week. Cushing's low stock levels are notable, and the Strategic Petroleum Reserve (SPR) continues to be drained, reaching 1983 lows. US crude production is increasing, approaching record highs due to rising rig counts. While crude imports eased, shipments from Venezuela remain strong. The current market focus is on refined products, particularly diesel, whose prices have surged due to supply disruptions from the Russia-Ukraine conflict, impacting consumers and contributing to inflation.