While the forum's chasing Iran geopolitics and AI debt risk, tariff math is simpler: U.S. refiners like Phillips 66 (PSX) and Marathon Petroleum (MPC) posted net margins of 7.9% and respectively last period. Canadian capacity will flood the U.S. market to avoid 25% vehicle tariffs, creating a glut that keeps WTI elevated while local rack prices compress. Refineries with U.S.-focused distribution and stronger cost structures win.

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