Disruptions in global energy markets that have squeezed fuel supplies are boosting profit margins for U.S. crude refiners.
Worldwide oil prices have held steady over the past month. Expectations of a potential U.S.–Iran settlement that would fully reopen the Strait of Hormuz and return to pre-conflict traffic volumes have prompted investors to anticipate lower crude costs.
A barrel of West Texas Intermediate—the U.S. benchmark for oil prices—is around $70 on the New York Mercantile Exchange. Brent, the global benchmark, is hovering at about $74 per barrel in overseas markets.
While fuel prices have been swiftly edging lower, they remain firmly above pre-war levels….