Global refining splits along new lines as the Hormuz shock exposes a system under strain

AI Summary

The US-Iran conflict in March 2026 closed the Strait of Hormuz, removing 14.5 million barrels per day of crude from the market overnight. Product prices spiked by 180% at peak, and despite strategic supplies and rerouting, the market remains short about 4 million bpd of crude and nearly 4 million bpd of product.

In March 2026, the US-Iran conflict closed the Strait of Hormuz and stripped 14.5 million bpd of crude from the market overnight. Product prices spiked 180 percent at their peak, and even after strategic releases and rerouted trade, the market remains structurally short by about 4 million bpd of crude and 3.8 million bpd of ...