For the second time this decade, a war has upended global oil markets and sent oil prices and refining margins to multi-year highs, benefitting the world’s biggest oil companies and top refiners. The fuel markets tightened even more than the crude market to send refining margins to record highs. Refining margins held at record highs even as crude oil prices soared to $100 per barrel and above. Last month, refining margins for gasoline and diesel jumped to new record highs amid on-and-off escalation in the Middle East, Russia’s ban on diesel exports, and crumbling global fuel inventories. They also expect refining to continue providing high earnings in the short term amid distorted fuel markets with restricted supply and refining capacity.