Wall Street Warns About "Perfect Storm" Diesel Crunch: Goldman's Daan Struyven Shows Global Diesel Exports CrashingCiti's Anthony Yuen Warns: Global Diesel Inventories "Below 5YR Minimum"BofA's Francisco Blanch Warns: "Diesel's Perfect Summer Storm" Unfolding Jefferies' Sam Burwell Warns: Hormuz Shock "Manifesting Itself In Cracks, Not Crude" Brent crude remains hostage to daily geopolitical developments in the Gulf region more than five months into the conflict, with muted traffic through the Strait of Hormuz (read the latest US-Iran wrap) constraining tanker flows and driving refined-product markets to new, dire extremes as they become the focal point of the energy crisis.Brent briefly fell below $80 a barrel last week as prospects improved for an Iran-Oman deal to reopen the maritime chokepoint, before rebounding toward $90 as negotiations stalled this week.Hormuz traffic has stabilized at about 10 crossings a day, down from 30 to 40 before the latest escalation. Liquids flows are averaging roughly 4 million barrels a day, well below public estimates of 9 million, according to HSBC analysts.We earlier cited Jefferies analyst Sam Burwell, who warned clients:"What this all shows is that global oil-market tightness is manifesting itself in cracks, not crude, at least for now. Wide cracks suggest refining runs should remain strong, however, which is positive for crude. By lunchtime Thursday, the front-month US diesel crack spread (HOCL1 on the Terminal) had exceeded the $97 level reached in mid-March, when the US-Iran conflict was just three weeks old, and was closing in on $100. That signals extreme tightness in diesel.Diesel crack spread hits record high, just shy of $100 https://t.co/pxNKK1OUeR pic.twitter.com/uAciv62yPk