US refiners sharply increased returns to shareholders in the second quarter as disruptions to crude supplies through the Strait of Hormuz pushed fuel prices and refining margins higher, making the industry one of the biggest financial beneficiaries of the Iran war, as per a report by Reuters.
Marathon Petroleum, Phillips 66 and Valero Energy reported combined profits of $12.6 billion for the quarter, their strongest collective performance since Russia's invasion of Ukraine in 2022, according to the report.
