Consumers feel pinch at pump as Russia drives oil refining boom

Global oil refining is booming despite disruptions from attacks on Russia's energy infrastructure and outages in Asia and Africa. US sanctions on Lukoil and Rosneft, along with EU curbs on Russian crude, are squeezing supply chains, keeping fuel prices high despite falling crude prices. Refiners' profits are soaring, with stock prices rising. Unplanned outages and maintenance in refineries worldwide further constrain supply, pushing margins higher. Traders fear upcoming sanctions will exacerbate supply issues, impacting global fuel markets.