Investing.com -- The global oil market shows different directions for crude oil and refined products, TotalEnergies SE Chief Executive Officer Patrick Pouyanne said today at the ONS conference in Stavanger, Norway.

Crude shipments continue to move through the Strait of Hormuz without issues, but higher shipping costs have stopped all refined product flows through the waterway, Pouyanne said. Ukrainian drone strikes have reduced fuel supplies from Russia by 3 million to 3.5 million barrels per day.

"You have a bearish crude oil market and a very bullish product markets, which is very strange," Pouyanne said. "Our consumers in Europe will suffer on this one" and in the US "gasoline prices would not go lower than $4 as President Trump would like."

Benchmark crude oil trades near $90 per barrel in London, below levels seen at the start of the war. The premium for products such as diesel compared to crude reached near its highest level in over 15 years.

Shipping a very large crude carrier with capacity for 2 million barrels through Hormuz costs about $20 million, Pouyanne said. For smaller vessels that transport refined products, this additional expense is too high, resulting in no product tankers moving through Hormuz, he said.