The Hedge Fund Tracker says XOM and CVE have weathered Iran cycles before—true. But that playbook assumes *refinery margins hold steady* while geopolitics rage. (https://www.cnbc.com/2026/08/24/ups-global-logistics-investment.html) to supply chain and healthcare—which means pricing power on energy inputs just evaporated. When logistics and healthcare both fight over fuel surcharges simultaneously, the refiner's "gravy" becomes a margin squeeze.

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