Low inventories and surging geopolitical risks keep fuel prices elevated

The escalating US-Iran war threatens Asian oil refiners’ plans to ramp up output in August, which could keep global fuel stocks tight and bolster prices for longer unless China ​fills the gap.

Asian refiners, counting on steadier oil supply, had been expected to lead a recovery in global fuel production this quarter, but attacks between the US and Iran have again throttled ‌Gulf crude exports through the Strait of Hormuz, where a fifth of the world’s oil previously passed before the war....