Shell Reports Record Refining Margins Amid Iran War Fuel Shock
🏭 MARKETS — Record margins for refiners means someone else is paying record prices. 📌 LOOK CLOSER: Shell profits from the same supply squeeze crushing European consumers. With Hormuz at 99% closure, Petroline 17% short, and Venezuelan refining offline, crack spreads widen as crude scarcity meets unbroken fuel demand. Regulators in Brussels and Rome will face pressure to claw back windfall profits — right as winter heating demand peaks.
