The US Energy Information Administration (EIA) reports that global petroleum markets experienced significant volatility during the second quarter of 2026 as disruptions in the Strait of Hormuz tightened crude oil and refined product supplies. Brent crude prices fluctuated sharply, reaching $118 per barrel in late April before falling to $72 per barrel by late June as shipping through the strait gradually resumed.
The disruptions increased demand for US petroleum exports, boosting refinery margins, utilization, and diesel and jet fuel exports to record levels. US commercial crude oil inventories also declined to their lowest seasonal level since 2014, driven by strong refinery activity and record crude oil exports.
The EIA noted that renewed military tensions in early July have once again added uncertainty to global oil markets.
