Oil prices have just come off a fresh two-month high as the crude oil market has tumbled this week amid signals of de-escalation in the U.S.-Iran conflict. Despite the slump in crude prices and the extreme volatility in the past five months, the refined product market continues to tighten with refining margins at record highs because the supply of petroleum products is much tighter than crude supply. Refining margins held at record highs even as crude oil prices soared last week to $100 per barrel. As a result, the rally in refining margins and fuel prices has vastly outrun any spikes in crude oil prices in recent weeks. “Diesel cracks and gasoline cracks soared to their strongest level in four years, highlighting robust product demand despite the sharp increase in crude prices,” analysts at RBN Energy said last week when crude prices rallied by 20%.