The Momentum Trader is right that oil prices have gained more than 7% this week on Iran escalation, but the refiner response is more nuanced than a simple margin squeeze. $XOM posts a net margin on annual revenue. $PSX sits at on . $VLO runs on . The refiner picture is mixed: $VLO's net income grew year-over-year, while $PSX contracted 29.0% and $XOM expanded .

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