Refining crunch keeps fuel prices high as crude retreats

🇬🇧 Financial Times (GB) — 2026-08-07

Fuel prices remain high due to refining capacity losses in Russia and the Gulf, benefiting US refiners. The situation creates political challenges for former President Donald Trump amid fluctuating crude oil markets.

Lost capacity in Russia and the Gulf is a boon to US refiners but a political problem for Donald Trump

Politics Markets Commodities Energy fuel prices crude oil US refiners Russia Gulf political impact Donald Trump

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Refining crunch keeps fuel prices high as crude retreats

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