Despite recent attacks near the Strait of Hormuz, global oil supplies are holding up.
Saudi Arabia, Iraq, and Kuwait have boosted production, and the United Arab Emirates is now free of OPEC quotas, allowing it to pump as much as it wants.
Even with a slight dip in Gulf shipments this week, data show there's still plenty of oil moving around, which has actually dropped oil prices by almost 25% this month and helped ease inflation worries.
European diesel about $170 a barrel
While crude oil feels stable for now, European diesel is still expensive at about $170 a barrel.
Plus, high shipping costs are making it tough for American oil to reach Asia.
So even with strong supply and lower futures prices, the global fuel market isn't totally in the clear yet.