Fuel costs rise amid Iran conflict
The article discusses the state of the oil market in July 2026, focusing on the rising oil prices, particularly Brent crude, which increased from around $72 to $88 per barrel, a 21% surge amid high volatility caused by tensions between the United States and Iran and events related to the Strait of Hormuz. ExxonMobil and Chevron warned of ongoing shortages in diesel and refined petroleum products during the second half of the year, due to challenges from the Russian-Iran conflict, declining Chinese exports, and disruptions at Russian refineries. These factors have led to higher refining margins and increased prices for products like gasoline, which surpassed $4 per gallon in the United States. Despite this, American refineries recorded record profits in the second quarter, driven by higher utilization rates and increased demand. However, scheduled maintenance may impact third-quarter earnings, with expectations that oil product prices will remain under upward pressure due to shrinking global supplies.
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