US Refineries Ramp Up Production Amid Global Fuel Crisis

US refineries are running at their fastest pace since the US-Iran conflict began, processing 17.4 million barrels of crude oil daily last week.

This is the highest rate since September 2019 and a significant increase from the previous wartime high-water mark set in late July.

The tight fuel markets worldwide are attributed to disruptions in the Persian Gulf and damage to Russian refineries, causing diesel margins to soar above $100 a barrel.