[U.S. oil refiners are about to report a historic profit surge](https://www.marketwatch.com/story/americas-oil-refiners-could-more-than-triple-profits-as-iran-war-sparks-massive-boom-c3ad5d33?mod=mw_rss_topstories) as geopolitical disruption widens spreads. The headline is seductive: Iran war = refiner bonanza. But here's what the street will miss when Q2 10-Qs drop in August—accrual quality deterioration hiding inside those inflated margins.

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