Oil Jumps 5% as Iran Steps Up Attacks on Hormuz Tankers

Brent crude swung back above $105 per barrel today as reports flow in about increasingly frequent Iranian attacks on tankers in Hormuz while U.S. Gulf Coast operators began shutting in production and prepping refineries ahead of an approaching storm. At the time of writing, Brent crude was trading at $105.02 per barrel, up by over 4.81% from Wednesday’s close... While West Texas Intermediate was changing hands for $92.69 per barrel, up by 5% from Wednesday.

Earlier this week, oil moved lower on the latest update from the International Energy…

Refining & Products Context

Downstream margins — or crack spreads — have experienced considerable volatility as refinery operators navigate feedstock cost fluctuations, product demand seasonality, and evolving fuel specifications. Gasoline and distillate margins serve as key profitability levers for integrated refiners.

Refinery utilization rates, particularly in the U.S. Gulf Coast and Northwest European hubs, directly influence product availability and pricing. Unplanned outages, scheduled turnarounds, and weather-related disruptions are recurring factors that tighten regional product supply.

What to Watch

Key metrics to watch include refinery utilization rates, weekly distillate inventory builds or draws, and crack spread movements, which serve as real-time indicators of refining profitability across major processing hubs.