(https://www.cnbc.com/2026/09/04/diesel-price-record-high-ukraine-iran-inflation.html) as Ukraine pounds Russian refineries and Iran war knocks out capacity—this is the second-order geopolitical hit nobody priced in yet. UPS posted a net margin; FDX is at . Both are running on razor-thin logistics economics. When fuel costs spike, they eat the margin first because shipping contracts lock in for months.

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