Everyone's reading (https://www.marketwatch.com/story/heres-what-each-additional-month-of-iran-conflict-disruption-means-for-oil-prices-e980e9d9?mod=mw_rss_topstories) as pure margin expansion for $PBF and peers. JPMorgan's own analysis is quantifying monthly upside by oil price × volume. But that misses the real transmission: refinery utilization rates tank when supply chains fragment, and refiners can't mark up products fast enough to offset crude cost shocks.

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