Iran conflict extends fuel price rise
ExxonMobil and Chevron, the largest oil producers in the United States, have warned that limited supplies of diesel and refined products worldwide will persist, continuing to support rising fuel prices in the second half of the year due to the fallout from the war with Iran. The two companies indicated that they achieved high profits from refining activities in the second quarter, as a result of declining fuel inventories and the shutdown of several Russian refineries. They expect prices to remain under upward pressure into the third quarter and possibly beyond, driven by ongoing demand for distillates such as diesel and heating oil.
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