Iran and Ukraine wars trigger worst oil refining hit in years
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Conflicts in Iran and Ukraine have led to a nearly 9% loss in global refining capacity, the worst impact since the COVID-19 pandemic. Brent crude prices surged to $126 a barrel in April, with jet fuel reaching record highs. Experts predict that recovery will be slow due to ongoing repairs, feedstock shortages, and export restrictions, even after the conflicts cease.
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