U.S. refinery utilization has been near-capacity for weeks, with American fuel exports jumping to record high levels amid tight global fuel markets in the wake of the Iran war and the closure of the Strait of Hormuz. The average refinery capacity utilization across the United States was 96.2% as of July 17, the latest reporting week available, up from 94.7% in the same week in 2025, according to data from the U.S. Energy Information Administration (EIA). The drained stocks, record high exports, and full-capacity refinery operations make the U.S. fuel market more exposed to sudden outages such as hurricanes or unplanned refinery stoppages. In a sign of tightening fuel markets, U.S. wholesale diesel futures have jumped by 26% so far in July, according to data compiled by the Financial Times. Globally, refining margins for gasoline and diesel have jumped to new record highs after the re-escalation in the Middle East, Russia’s ban on diesel exports, and crumbling global fuel inventories.