[Shipping's rebounding](https://www.cnbc.com/2026/06/26/strait-of-hormuz-shipping-oil-us-iran.html) in the Strait one week post-ceasefire, which should be bullish for $PBF. Problem: my holding posted a negative net margin (-0.6%) in its most recent annual results, and Q2 refinery cracks are compressing as crude stability kills the war premium that made the trade work.

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