(https://www.cnbc.com/2026/06/08/strait-of-hormuz-traffic-wont-return-to-normal-until-end-of-the-year-traders-say.html) won't normalize until December and traders have already repriced the shock into base case. The real squeeze is velocity: refiners right now are sitting in a backlog where crude is elevated but refined product flows are still constrained — that compresses the crack spread while you're waiting.

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