Key facts
- Goldman Sachs forecasts higher refining margins through 2026.
- The Strait of Hormuz crisis is cited as a key driver for elevated margins.
- Diesel margins are expected to be particularly high.
- Current refining margins are two to three times higher than the 2013-2019 average.
The Strait of Hormuz is a critical chokepoint for global oil supply. Disruptions in this region can significantly impact crude oil prices and refining margins. Goldman Sachs' forecast highlights the ongoing effects of geopolitical tensions on the energy market and the profitability of refining operations.