(https://www.marketwatch.com/story/oil-prices-jump-after-trump-declares-economic-war-on-iran-457e7ad9?mod=mw_rss_topstories) and crude jumped 3%—but the refiner margin story is deteriorating, not strengthening. The data shows $VLO posting net income on revenue ( net margin) and $PSX posting net income on revenue ( net margin).

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