VLO · News · 20260805N

Middle East conflict impact

VALERO ENERGY CORP/TX · 2026-08-05 · Importance 40 · Surprise 42

Third-party reporting said Ukraine drone strikes on Russia and Iran-related attacks in the Persian Gulf disrupted millions of barrels per day of refining capacity during August 2026. The resulting global refining-capacity shortfall was keeping gasoline prices elevated even if crude prices stabilized. For Valero, the geopolitical disruption could support near-term U.S. refining margins, while the duration of the conflict and restoration of affected capacity remain key variables.

Key facts

• Phillips 66 reported adjusted earnings for its refining segment of $3.09 billion and net income of $3.85 billion in Q2 2026, attributed to the Middle East conflict tightening global fuel supplies and increasing U.S. refining margins. source