Product markets in the Americas are showing signs of tightening, though at a languid pace. From a structural perspective, significant headwinds to stronger demand and prices remain, in part thanks to uncertainties surrounding US trade policies. However, with the US just having targeted Iranian nuclear fuel sites and hurricane season approaching, disruptions to supply and logistics could see a jump in prices. This could be manifested in refinery outages, a jump in overseas pull for product from the Americas or a rapid draw on inventories.