US‑Iran conflict escalation lifts US refinery margins and stocks

President Donald Trump invoked a legal loophole in the War Powers Resolution to formally end a 60‑day conflict with Iran and immediately reopened the same window, permitting renewed US military operations. Within 24 hours the US expanded airstrikes on Iranian infrastructure, destroying bridges in Hormozgan, damaging an airport, a railway station and a port control tower, and causing civilian casualties. Iran retaliated against US bases in the Gulf, while the UN condemned the attacks on civilian facilities.

The heightened tensions have driven the US Gulf‑coast refining crack spread to its highest level since 2022, pushing profit margins for gasoline, diesel and jet fuel well above June figures. This surge boosted the share price of major refiners such as Valero, Marathon Petroleum, Phillips 66, ExxonMobil and Chevron, with margins for American gasoline topping €49 per barrel and exceeding 60 % over the previous month.