Islamic Republic of Iran Broadcasting on the 12th quoted a Bushehr provincial official denying social-media reports that the Bushehr nuclear power plant area had been attacked. The Atomic Energy Organization of Iran said all units and facilities continue to operate normally and the plant is in a safe, stable condition; reports of an attack are false.

The UAE Foreign Ministry strongly condemned aggressive attacks on Kuwaiti border posts and offshore oil platforms.

The UAE Ministry of Foreign Affairs strongly condemns the aggressive attacks on Kuwaiti border posts and offshore oil platforms.

Falling crude has not produced equivalent drops in consumer fuel costs because refined-product supplies—not crude—are tight. The 3-2-1 crack spread has jumped to a record $65/bbl, implying refiners can buy crude at roughly $71/bbl and sell finished products valued around $136. The gap reflects refinery feed shortages—firms running cautious inventories and disruptions around the Strait of Hormuz, where refiners account for over 10% of global product output—rather than raw crude scarcity. Market models that tie consumer fuel costs directly to crude risk understating near-term energy inflation. Diesel remains elevated, keeping transport costs high and sustaining upward pressure on other consumers prices; the price gap has also attracted political attention, with Trump threatening action against oil companies.

Falling oil prices usually mean lower fuel costs for consumers… but this time, that may not be the case. There is a risk that market models are overly reliant on crude oil price movements, leading to widespread expectations of lower energy costs for consumers and businesses. However, a recent look at gas stations reveals this isn't the case. A significant price gap has emerged between refined product prices and crude oil prices, even prompting Trump to threaten action against oil companies. But the problem isn't with the oil companies; it's with refineries lacking sufficient crude oil supply. The real issue lies in the "crack spread." The crack spread reflects the profit margin a refinery makes after processing crude oil into fuel. "Cracking" refers to the refining process of breaking down heavy hydrocarbon molecules into lighter fuels. The most common "3-2-1 crack spread" assumes a refinery buys 3 barrels of crude oil and produces 2 barrels of gasoline and 1 barrel of distillate fuel (such as diesel or heating oil). Currently, the 3-2-1 crack spread has surged to a record $65 per barrel. This means refineries can purchase crude oil at a spot price of $71 per barrel and process it into refined petroleum products such as gasoline and diesel, worth approximately $136 per barrel. This situation likely arises because refineries are cautiously replenishing their inventories during wartime or are unable to operate normally due to the conflict, particularly in the Strait of Hormuz region—where over 10% of the world's refined petroleum products are refined. The National Bank of Canada wrote in its latest report: "As a result, what is truly tightening is the global supply of refined petroleum products, not crude oil itself. Therefore, consumers may only see a limited decline in fuel prices in the short term. Meanwhile, diesel prices remain high, and transportation costs remain high, which will continue to put upward pressure on the prices of other consumer goods."

Jorge Rodríguez, president of Venezuela’s National Assembly, said the earthquake death toll has risen to 4,490.