The global oil market is experiencing a significant surge in refining activities despite the Iran conflict disrupting energy markets. The International Energy Agency has described this conflict as the largest supply disruption in history, affecting about 20% of global crude oil and LNG flows. U.S. and European refiners are reporting robust profits thanks to record-high refining margins. This situation has driven oil prices sharply higher, creating favorable conditions for refiners. Observers are monitoring whether crude oil will reach new all-time highs by the end of the third quarter or the end of the year.
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