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Refining constraints widen gap between crude oil and U.S. gasoline prices

Illustration accompanying article: Refining constraints widen gap between crude oil and U.S. gasoline prices
  • U.S. gasoline prices remain 32% above pre-war levels at $3.94 a gallon, while crude oil is only 18% higher, according to a Wall Street Journal analysis citing data from OPIS.
  • Gasoline crack spreads — the difference between gasoline and crude prices — are averaging 90 cents a gallon in July, the highest in four years, based on Novi Labs data.
  • China has cut its crude imports by nearly half and reduced refined fuel exports; IEA emergency releases have been mostly crude rather than gasoline and diesel.
  • Global refining capacity has been severely curtailed by conflict in the Middle East and Russia, with Russian diesel exports banned and U.S. biofuel blending mandates adding 14 cents a gallon to pump prices.
 2026-07-17 · 3 MIN READ

Securing Strait of Hormuz would require thousands of U.S. troops, experts say

Illustration accompanying article: Securing Strait of Hormuz would require thousands of U.S. troops, experts say
  • The U.S. military has not achieved control of the Strait of Hormuz despite airstrikes, according to analysts and former officials.
  • Ship traffic through the strait fell to 21 vessels Tuesday, compared with a daily average of 30 last week, ship tracker Kpler reported.
  • Iran has killed, wounded, or left missing nearly a dozen seafarers in recent days, the Pentagon said.
  • Options to secure the strait include close naval escorts or a ground invasion of southern Iran, each requiring thousands of U.S. troops, analysts said.
  • The current round of U.S. strikes has been longer and broader than previous exchanges, with a seven-hour wave early Wednesday followed by a 90-minute daytime attack.
 2026-07-16 · 4 MIN READ
Dow Jones Industrial Average: rising from 18506.41 to 52498.64 (2016-07-14 to 2026-07-13).