Another month, another potential ceasefire agreement. Iran and the U.S. agreed to temporarily halt military operations in hopes of reaching a deal, sending crude oil prices plummeting at the start of the week. But while a ceasefire can stop fighting in a day, it can’t rebuild lost capacity in a quarter. And with a slew of key energy earnings on deck, the market will soon be forced to price the difference between an oil trade and a refining trade.
