Reported progress in talks between the US and Iran has resulted in softer oil prices, impacting arbitrage economics. Arbs for gasoline across the major routes - NW Europe to USAC, Med to USAC, and Asia to Mexico - are all open, for example.
But developments in the Middle East over the coming days and weeks will determine whether the Arabian Gulf returns as a major supplier of CPP. The Strait of Hormuz is reportedly open, but volumes are yet to increase by any notable degree.