U.S. fuel prices have climbed to their highest levels since the Iran war began in late February, with diesel setting fresh all-time records and wholesale costs now exceeding the peaks seen before the first ceasefires.
How high they go from here, and how long they stay elevated, depends less on crude alone than on a global refining system that is already running near its limits. Energy analyst John Kemp noted Wednesday that the combined cost of U.S. crude and refining margins is now higher than in early April. So far […]
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