July 14, 2026 [Reuters]- Following the U.S.-Iran ceasefire and Hormuz reopening, oil refiners enjoyed a sharp but temporary profit surge from low crude prices and elevated fuel margins.

 
A short-lived Middle East crude glut (exports rising to 12.35M bpd) pushed Brent to ~$70/bbl while very low summer inventories kept gasoline and diesel prices strong.

This created record crack spreads — U.S. 3-2-1 above $60/bbl and gasoline margins over $56/bbl.

The windfall is expected to fade quickly as the supply glut clears and crude prices rebound in the coming months.

Refiners are currently in a rare sweet spot, but the post-war bonanza is likely as short-lived as the market dislocation that created it.

Read the full story on Reuters.

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