The oil market came under pressure yesterday with ICE Brent settling 1.23% lower on the day at US$88.40/bbl. The geopolitical risk premium continues to fade as tensions between Israel and Iran have eased. There are also some hopes for a potential ceasefire between Israel and Hamas. The weakness in the middle distillate market will also offer little support to the crude market. The ICE gasoil crack is trading at its lowest level since last June, which has dragged down refinery margins. There have already been reports that some Asian refiners are cutting run rates in response to these lower margins. European natural ... (full story)