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Oil refiners hit record highs as Iran-related disruptions lift crack spreads

Valero, Marathon Petroleum, and Phillips 66 have all reached all-time highs as record crack spreads support cash flow, and Valero is set to report Q2 2026 earnings on July 30.

Reported · Written up by our desk · Previews

MarketBeat Ratings links the recent rally in U.S. refiners to intensifying war-related disruptions involving Iran, which it says have threatened production and supply while pushing crack spreads, the gap between refined product values and crude costs, to record levels.

The outlet notes that domestic refiners are benefiting from redirected global demand that had been tied to the Persian Gulf, and argues crack spreads could stay elevated if disruptions continue to affect production, inventories, and refining operations.

Among the companies cited, Valero is described as a nearly $90 billion downstream player with a Gulf Coast footprint and a sizable renewables business, with shares up about 84% year to date and supported in part by a rebound in the first quarter. MarketBeat Ratings says Valero generated $1.3 billion in net income attributable to shareholders and $1.8 billion in refining operating income in Q1.

The piece also points to shareholder returns, including Valero's $1.20 per common share dividend and about a 1.6% dividend yield, and says the company is expected to update investors when it releases Q2 2026 earnings on July 30, while Marathon Petroleum has risen nearly 89% year to date.

Latest closeWTI crude $90.47 ▼1.9%

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