The widely forecast tightness of petroleum products markets became abundantly clear in June, the month when demand traditionally lurches higher thanks to summer travel, and even more so in the first half of July. Prices for motor fuels and other refined products grew in all refining centers last month, particularly in the US Gulf and Northwestern Europe. This trend continued in July as the ceasefire between the US and Iran disintegrated, shutting the Strait of Hormuz once again, and Russia placed a ban on diesel exports as its operational refining capacity was halved by incessant Ukrainian drone attacks. Globally, the refining sector has entered uncharted territory.