(https://www.cnbc.com/2026/06/04/iran-war-strait-hormuz-persian-gulf-oil-tanker-transit.html) signals the choke point isn't closing — it's just getting managed slower. That's a refiner's dream. While everyone fixates on WTI, MPC and PSX have posted $19M and $12.3B in annual operating income respectively, sitting on healthy $79M and $21M quarterly cash generation.

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