MPC · 10-Q · 2026Q3 · Full report

Middle East Conflict Impact

Marathon Petroleum Corp · 2026-11-03 · Importance 38 · Surprise 24

In the third quarter of 2026, global crude oil supply disruptions from increasing regional conflicts, particularly in the Middle East and Russia, contributed to higher product prices. Management expects global demand growth to outpace the net impact of refining capacity additions and rationalizations through the end of the decade. It believes these fundamentals and the U.S. refining industry’s structural advantages will support a constructive environment for U.S. refiners.

Key facts

• Marathon Petroleum's third-quarter 2026 Refining & Marketing results reflected higher realized refining margins supported by stable demand and higher product prices amid global crude oil supply disruptions from increasing regional conflicts, particularly in the Middle East and Russia. source
• Marathon Petroleum identified increased pricing volatility or supply disruptions related to the U.S.-Iran conflict and market reactions as a risk to availability and pricing of refined products, crude oil, natural gas, renewable fuels, NGLs and other feedstocks. source
• Marathon Petroleum stated that regional conflicts, including hostilities in the Middle East and Ukraine, could contribute to volatility or degradation in economic, market, industry or business conditions. source