Global fuel crunch triggers record refining margins as markets brace for storms

Oil remains costly as a cascade of supply shocks—from Hormuz disruptions and Middle East conflict to Russia’s war impacts and export curbs—keeps fuel tight. The diesel crack spread vaulted to a record $102 per barrel, signaling booming refiners’ profits even as Gulf Coast plants run flat-out ahead of hurricane season. China’s export limits, along with outages and sanctions, keep gasoline, diesel and jet fuel prices elevated, risking inflation with potential demand destruction if margins stay wide longer.