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[Asian Middle Distillate Crack Spreads Hit Three-Month Peak, Diesel and Jet Fuel Near-Month Premiums Widen to Two-Month Highs] ⑴ On Tuesday, the Asian diesel and jet fuel markets continued their strong performance, with inter-month spreads and crack spreads for both fuels climbing to near two-month highs. The benchmark 10ppm diesel crack margin surged further in the afternoon, closing at a three-month high of nearly $65 per barrel, while the spot premium also strengthened to a one-month peak of approximately $4.7 per barrel. ⑵ The spot premium for jet fuel was also significant. Last week, at least two Northeast Asian refineries finalized spot contracts for August shipments at premium prices, pushing the diesel-jet fuel spread index to a premium range of approximately $5 per barrel, the first time since early May, reflecting that the August jet fuel swap contracts were stronger than diesel. (3) In terms of supply and demand structure, some refineries are still pushing forward with the sale of export cargoes for the second half of August, while the export outlook for China in August remains uncertain. Although exports are expected to continue for the remainder of July, if current Asian prices continue to strengthen, some traders may redirect cargoes originally destined for the West back to the region, thus changing the flow of cross-regional arbitrage. (4) Geopolitical risk premiums continue to be injected. Two UAE oil tankers were attacked by missiles in the Strait of Hormuz, causing casualties. Coupled with the fact that Russia's seaborne refined oil exports in June plummeted by 27% month-on-month to 5.7 million tons due to the refinery attacks, supply-side disturbances are providing additional support for crack spreads. However, traders remain cautious about the East-West arbitrage window, and spot transactions are also limited. Further attention should be paid to US inventory data.