Ship Fuel Shortage Looms as War Strains Global Refinery Output

🚢 BUNKER FUEL — Refiners choosing margin over ships is a second Hormuz shock hiding in plain sight. 📌 LOOK CLOSER: With crude feedstock disrupted and margins higher on jet fuel and diesel, refiners are deprioritizing marine bunkers. That squeezes vessels already rerouting around Hormuz — longer voyages burn more fuel, compounding scarcity. If bunker shortages bite, freight rates spike independently of oil prices. European import costs rise on a second front, and the shipping choke tightens without a single additional missile.