Refining capacity has been hit by wars and export restrictions, with disruptions in the Middle East and Ukraine, China's fuel export caps, and Russia's diesel export ban squeezing global fuel supplies.

Analysts warn that America is increasingly carrying the burden of stabilizing global oil markets.

Exxon and Chevron warn of sustained high fuel prices due to refining disruptions. Crude oil reaching a new all-time high by December 31 at 14.5% YES.