Naim Aslam, chief investment officer at Zaye Capital Markets in London, said the details of the European agreement to release diesel reserves were “very rough” from an operational perspective. The announcement appears intended to ease pressure, but the actual structural changes—who will release these reserves and where the ban will be lifted—remain unclear. This decision is merely an attempt to “mitigate the bleeding” and will have a negative impact on the market. Imagine a market run, and suddenly the central bank intervenes, saying you can only withdraw a certain amount from banks. This does slow the bleeding process, but it also creates more volatility in certain aspects of investor confidence in these institutions. Now, this logic applies perfectly to the news that Europe will release diesel reserves. It’s a significant announcement aimed at mitigating the bleeding, but the actual structural problems related to the Strait of Hormuz remain, leaving consumer confidence in the market shaky.

Ukrainian port authorities said that Russia struck a foreign-flagged vessel in the port of Odessa, Ukraine, killing one crew member and injuring three others.

Russia appoints governor: Drone attack in Ukraine's Zaporizhia region kills one and injures ten.

The U.S. National Hurricane Center reports that Rachel has weakened slightly and continues to move westward.

According to Iran's Mehr News Agency, long queues formed at gas stations in the UAE as vehicles rushed to fill up before the price hike, due to a 16% increase in gasoline prices. The fuel price increase is attributed to the closure of the Strait of Hormuz, rising global oil prices, and disruptions to energy supply and transportation.

Norwegian gas transportation management company Gassco announced that the daily gas supply disruption from the Hedlund gas field, which was originally scheduled for September 29 to October 4, will now be from September 29 to October 5.