Story perspectives

Hormuz Attacks Tighten Fuel, Push Diesel Margins to Record

7/16/2026

Summary

Story summary

Fuel markets in the U.S. and Europe are tight after tanker attacks in the Strait of Hormuz and a collapsed U.S.–Iran truce.
Analysts Eugene Lindell and Jonathan Lamb warned the renewed Persian Gulf conflict threatens third-quarter fuel runs and has cut refinery utilization.
Diesel margins in Europe and the U.S. 3-2-1 crack margin hit record levels, prompting expectations that seasonal maintenance and a heat wave will push more refinery capacity offline.

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Story summary

Fuel markets in the U.S. and Europe are tight after tanker attacks in the Strait of Hormuz and a collapsed U.S.–Iran truce.
Analysts Eugene Lindell and Jonathan Lamb warned the renewed Persian Gulf conflict threatens third-quarter fuel runs and has cut refinery utilization.
Diesel margins in Europe and the U.S. 3-2-1 crack margin hit record levels, prompting expectations that seasonal maintenance and a heat wave will push more refinery capacity offline.