CNBC Daily Open: Crude flows back at prewar levels, but at what cost?

A view of commercial cargo vessels and crude oil tankers are anchored in the Gulf of Oman, off the coast of Muscat, Oman, on June 21, 2026, as they prepare to transit through the critical Strait of Hormuz.Shady Alassar | Anadolu | Getty ImagesHello, this is Leonie Kidd coming to you from London. Welcome to another edition of CNBC's Daily Open.It is an important moment to mark — crude flows through the Strait of Hormuz have returned to prewar levels. But at what cost? Diesel prices are at a record high at the pump, and refined product supply remains constrained, creating serious problems for the global economy. Read on for more.What you need to know todayCrude flows through the Strait of Hormuz have essentially returned to prewar levels. According to research from Goldman Sachs, JPMorgan and Kpler, exports transiting through the Strait have hit a seven-day average of 13.5 million barrels per day, matching the prewar baseline. But pricing remains a source of pain. Refined product supplies remain constrained, with shipments still far below average. U.S. President Donald Trump has said he is still considering a ban on diesel exports, in an effort to bring down prices, which have recent...