JPM: The Big Question Is No Longer About Hormuz And Oil, It's All About Refining And Russia

Hormuz remains primarily a crude story. The next challenge for the market - in light of the unprecedented blowout in crack spreads we have repeatedly pointed out in recent weeks...

WTI Crude vs 321 crack spread. Trump about to bomb refiners pic.twitter.com/TYrMzLEzaB

— zerohedge (@zerohedge) July 1, 2026