U.S. refineries are operating at about 97% capacity as they compensate for global refining capacity lost to war damage elsewhere. Now, upcoming run-of-the-mill maintenance adds even more pressure on markets.
The U.S. says our forces in the Middle East have been keeping oil traffic flowing through the Strait of Hormuz, but independent trackers can't account for all of it.
Canada sends about 90% of its oil exports to the U.S., roughly 4 million barrels per day. But growing frustrations between the two countries have given our northern neighbors motivation to build new energy relationships.
