the blue eye in this instance is just a baby blue, not related to the colour genetics of this foal.You need to look on a good genetic colour website. It looks like there are two dilute genes, hence the blue eye, there may be a grey gene, as it looks as if it has googles. So a dilute bay =dun +grey mutation?
The pony below as a yearling had showed dilute markings, but no blue eyes, he is now almost all greyed out.