Story perspectives

US Crude Prices Fall, Refining Margins Reach Four-Year High

7/14/2026

Summary

Story summary

US oil market entered an era as prices fell and margins rose after US-Iran hostilities lifted crude prices.
International Energy Agency (IEA) said refining margins hit four-year highs July despite the crude price drop.
Gulf refined-product exports are under half pre-war levels while crude shipments are three-quarters of prior volumes.
IEA expects margin-crude gap to close when refineries restart, provided Hormuz traffic stays open and no US-Iran conflict occurs.

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Story summary

US oil market entered an era as prices fell and margins rose after US-Iran hostilities lifted crude prices.
International Energy Agency (IEA) said refining margins hit four-year highs July despite the crude price drop.
Gulf refined-product exports are under half pre-war levels while crude shipments are three-quarters of prior volumes.
IEA expects margin-crude gap to close when refineries restart, provided Hormuz traffic stays open and no US-Iran conflict occurs.