As the Iran crisis enters its fifth month, traders have become increasingly convinced that Trump will do almost anything to avoid a politically damaging spike in U.S. fuel prices. But the bright flashing warning signs coming out of the refining system suggest the U.S. president may struggle to prevent one.

If you'd shown an energy trader in June the price chart for July, they'd have assumed something had gone badly wrong. Brent crude went from grinding toward $70 a barrel, its…

Refining capacity is strained, and fuel markets don’t have much of a buffer. | World News

There is a rapidly escalating supply crunch that has yet to show up on oil markets. While the price of crude has risen in the past week as the fragile Iran war ceasefire has…

Renewed US-Iran conflict threatens global oil supply through the Strait of Hormuz, with Brent crude forecasts revised up nearly 30% and analysts warning of

As the Iran crisis enters its fifth month, traders have become increasingly convinced that Trump will do almost anything to avoid a politically damaging spike in U.S. fuel…

The renewed disruption to traffic through Hormuz has once again choked off regional exports, threatening hopes for a recovery in Asian or Middle Eastern refinery activity.

The system that converts crude into fuels is struggling after months of disruption

Depleted reserves and changed circumstances make price spikes more likely this time around.

The opening of a second front in the war in the Middle East and depleted stocks of oil and refined products around the globe have left the world vulnerable, and oil prices are…