Global Refining Crunch Could Keep Fuel Prices High Into 2027

Damaged refineries in the Middle East and Russia and insufficient capacity elsewhere to offset the supply disruptions will likely keep global fuel prices elevated into the next year, analysts say.

The Middle East conflict and the Iranian and Houthi strikes on Persian Gulf facilities have slashed supply and deliveries from the region, while intensified Ukrainian strikes on Russian refineries have prompted a ban on diesel exports out of Russia.