Asia’s Refining Margins Soar to 4-Year High as Hormuz Chokes Crude Supply

Disrupted crude flows from the Middle East to Asia due to the de facto closure of the Strait of Hormuz has pushed Asian refining margins to the highest in four years. The Singapore complex refining margins, a proxy for refining profits across Asia, surged to almost $30 per barrel on Wednesday, according to LSEG data cited by Reuters. That’s the highest the benchmark Asian margin has been since 2022 as refiners are cutting processing rates and halting fuel exports to cope with the delays in crude deliveries. Asian refiners,…