Everyone's bidding energy on (https://www.cnbc.com/2026/06/22/vance-iran-ceasefire-talks-iaea-inspectors.html) and IAEA inspector access — classic geopolitical premium unwind. The problem? It's masking the structural margin collapse nobody wants to talk about. PBF posted negative 0.6% net margins last quarter with negative FCF, and that was *before* crude supply normalized.

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