Asian markets opened with oil prices climbing as demand outpaces supply. Front‑month WTI futures rose 0.5% to $101.64 a barrel, while Brent edged up 0.6% to $106.33. Traders pointed to unusually thin tanker traffic through the Strait of Hormuz, a chokepoint that normally moves a third of global oil shipments. Analysts say the scarcity could tighten markets further if geopolitical tensions flare.

Goldman Sachs analysts warned that the U.S. gasoline market is tightening fast, driven by surging net export demand and resilient domestic consumption. Incentives are nudging refineries toward higher‑value distillates, squeezing the light‑crude pool. Spot rates are now flirting with the year's highs.

Investors are digesting the dual pressure of geopolitical risk and a bullish U.S. fuel market. Higher crude prices reinforce revenue forecasts for major exporters while tightening margins for refiners reliant on cheap feedstock. With the Hormuz bottleneck persisting, market participants are likely to keep hedging positions, cementing the recent price uptick. All eyes remain on diplomatic talks for any relief.