It's a lot more interesting to actually look at the mechanisms, then just to play "I'll believe it when I see it." Right now there are huge drawdowns of storage capacity in the US and Europe and China. Those have finite lifespans, although China has a lot of storage (120 days at 2025 rates.) Also, Chinese refiners have stopped processing as much fuel. Lastly, there's been a big reduction in consumption of transport fuels (again, mostly in China). These have combined to reduce prices in the US and take China off the buying market, so we're seeing lower prices than you might expect.

But this stuff won't last forever. If the Hormuz blockage doesn't resolve, things will get bad. You're seeing a patient that's a little more resilient than we thought, but who is mostly being carried through by massive blood transfusions. This buys time, but does not heal the patient.