Executive Summary
The US Department of Defense is the single largest institutional consumer of petroleum on earth, responsible for 93% of all US government fuel consumption. In peacetime, the DoD consumes approximately 4.6 billion gallons of fuel annually, an average of 12.6 million gallons per day. Jet fuel, specifically JP-8, accounts for more than 50% of total DoD energy consumption and nearly 60% of its mobility fuel. The Air Force alone accounts for 53% of DoD operational energy. In active combat, consumption multiplies: Operation Desert Storm burned 1.88 billion gallons in the CENTCOM area of responsibility over 295 days, averaging approximately 150,000 barrels per day. A single B-2 Spirit mission to the Gulf and back burns more than 50,000 gallons. A carrier air wing flying sustained combat sorties burns through millions of gallons per week.
The Strait of Hormuz carried approximately 20 million barrels per day of petroleum liquids in normal conditions, roughly one-fifth of global supply. Commercial traffic through the strait has been near zero for western-linked vessels since March 2. Iran’s current official position is that the strait is closed only to US, Israeli, and Western allied vessels, with selective passage being granted to Indian, Turkish, and Pakistani ships on a case-by-case basis. Since March 1, only 77 vessels have transited the strait compared to 1,229 in the same period last year. Sixteen commercial vessels have been attacked since February 28 according to the UK Maritime Trade Operations centre. For the first time in modern history, both major Middle East maritime corridors are simultaneously disrupted: the Houthis resumed Red Sea attacks on February 28, meaning neither Hormuz nor Bab el-Mandeb offers reliable passage. The IEA March 2026 Oil Market Report confirms Gulf production curtailed by at least 10 million barrels per day in total. Brent crude peaked at $119.50 on March 9 and has been trading between $100 and $106 through mid-March, up approximately 40% since the war began. The EIA’s March 10 Short-Term Energy Outlook forecasts Brent above $95 per barrel for the next two months. US retail gasoline has surged 74 cents per gallon since February 28 to $3.718 per gallon, the highest since October 2023 and the largest monthly gain since Hurricane Katrina. Diesel is at $4.99 per gallon.
The conflict escalated materially on March 14 when CENTCOM struck more than 90 military targets on Kharg Island, Iran’s primary oil export terminal handling roughly 90% of its crude exports. Oil infrastructure was deliberately spared. Trump threatened to reconsider that restraint if Iran continues to block Hormuz shipping. According to Axios, Trump is also weighing seizing Kharg Island outright with US boots on the ground, which would constitute, in the words of one US official, an economic knockout of the regime. USS Tripoli with a full Marine Expeditionary Unit is en route to the region. Trump is simultaneously attempting to assemble a ‘Hormuz Coalition’ of allied navies, which he hopes to announce this week. As of March 17, no country has publicly committed. Australia and Japan have explicitly declined. The IEA’s 400-million-barrel emergency release, once fully drawn and refined, equates to approximately 20 days of normal Hormuz throughput. It is a buffer, not a solution. The SPR deliveries begin the week of March 18 and take 120 days to complete.
What the US Military Actually Burns
Understanding the fuel logistics of an active Gulf campaign requires starting with the peacetime baseline and then applying the combat multiplier. The baseline is documented by the US Energy Information Administration and the Defense Logistics Agency. The combat multiplier is estimated from historical precedent.
According to the US Energy Information Administration, the US military and government sector accounts for approximately 7% of all jet fuel consumed in the United States. Total US jet fuel consumption averaged 1.65 million barrels per day in 2023. The military and government share of that figure represents roughly 115,500 barrels per day, or approximately 4.85 million gallons per day, specifically in jet fuel. Adding diesel, marine fuel, and ground vehicle fuel, total DoD petroleum consumption runs to an estimated 4.6 billion gallons annually in peacetime, approximately 12.6 million gallons per day. According to the EIA’s analysis of historical DoD energy reports, operational energy accounts for 70% of total DoD energy use, and the Air Force accounts for 53% of that operational energy, consisting almost entirely of jet fuel.
The combat premium is large. During Operations Desert Shield and Desert Storm, the US military consumed 1.88 billion gallons of fuel within CENTCOM’s area of responsibility over 295 days, according to a RAND Corporation report on Desert Storm logistics. That averages approximately 150,000 barrels per day in the operational theater alone, a figure separate from the stateside training and support consumption running simultaneously. In Iraq at peak operations, the US military used approximately 1.7 million gallons of fuel per day in-theater, equivalent to roughly 40,000 barrels per day for a force of 150,000 soldiers. These historical figures are the benchmarks against which the Iran campaign’s consumption should be measured. The Iran campaign involves heavier air assets, more missile-intensive operations, and a carrier force larger than anything deployed to Iraq.
The individual platform numbers make the scale concrete. A B-2 Spirit stealth bomber operates at approximately 4.2 gallons per mile, meaning a round-trip mission from Whiteman Air Force Base in Missouri to targets in Iran and back, approximately 17,000 miles, burns roughly 71,400 gallons before accounting for aerial refueling overhead. In practice, B-2 missions in the Gulf theater run 36 to 44 hours and can burn more than 50,000 gallons per sortie including refueling margins. The KC-135 tanker aircraft that supports the B-2 in flight operates at approximately 2.9 gallons per mile, meaning the support aircraft’s fuel consumption adds substantially to each mission’s total. An F-35C carrier variant burns approximately 1,340 gallons per hour at cruise. A carrier air wing flying 100 combat sorties per day, each averaging 2.5 hours, burns approximately 335,000 gallons of aviation fuel per day from the air wing alone. Two carrier strike groups operating simultaneously double that figure to roughly 670,000 gallons per day, before accounting for the ships themselves.
The two carrier strike groups confirmed in the Gulf theater, the USS Abraham Lincoln and USS Gerald R. Ford, consume fuel at scale even when their aircraft are not flying. An Arleigh Burke-class destroyer burns approximately 1,000 gallons of fuel per hour at standard cruising speed. A Nimitz-class or Gerald R. Ford-class carrier burns approximately 100,000 gallons of fuel per day at sea for propulsion and ship operations. A six-ship carrier strike group with one carrier, two cruisers, and three destroyers burns roughly 250,000 gallons of ship fuel per day, before any flight operations.
The Largest Oil Refinery in Saudi Arabia Is Offline
On the morning of March 2, 2026, Iranian drones struck Saudi Aramco’s Ras Tanura refinery complex on the Persian Gulf coast near Dammam. Saudi air defense systems intercepted two drones, but falling debris from the interception ignited a fire inside the refinery perimeter. The Saudi Ministry of Energy confirmed the fire was contained with no casualties. As a precautionary measure, Saudi Aramco halted operations at the complex entirely.
Ras Tanura is not simply large. It is the largest refinery in Saudi Arabia and one of the largest in the world, with a processing capacity of 550,000 barrels of crude oil per day. It also serves as one of Saudi Arabia’s primary crude oil export terminals on the Gulf coast. Saudi officials estimated that the shutdown affected 30 to 33% of Saudi domestic refining operations. The facility has been at the center of Saudi Arabia’s oil industry since Aramco built its first 3,000 barrel-per-day refining unit there in 1940. The first operational halt since 2019, its closure in the context of a simultaneous Hormuz disruption compounded the supply shock significantly.
Saudi Aramco activated an emergency rerouting plan that had been designed for precisely this scenario, redirecting crude oil westward through the 1,200-kilometer East-West Pipeline to the Red Sea port of Yanbu. In normal operations, this pipeline moves approximately 5 million barrels per day. Aramco temporarily expanded capacity to accommodate rerouted flows. Reuters reported that Yanbu loadings averaged 2.2 million barrels per day in the first nine days of March, up from 1.1 million barrels per day in February, as the pivot from Gulf to Red Sea exports accelerated. Aramco raised its official selling price for Arab Light crude to Asian buyers by $2.50 per barrel above the regional benchmark for April deliveries, the largest increase since August 2022. A pre-conflict consensus had forecast an increase of approximately $0.80 per barrel.
Ras Tanura was not the only Gulf energy facility attacked. In less than one week, Iranian strikes targeted energy infrastructure in six countries. Refineries in Bahrain, Kuwait, Qatar, Saudi Arabia, and the UAE were all hit or attempted. Qatar’s Ras Laffan LNG facility was struck, triggering QatarEnergy’s full production halt covered in detail in the LNG article of this series. The Fujairah oil facility in the UAE was struck by drone debris. Fuel tanks at the port of Duqm in Oman sustained direct hits. Robin Mills, chief executive of Qamar Energy, told NPR: he did not think there was precedent for this kind of region-wide conflict, with facilities coming under attack from all kinds of methods, over a wide area, and all types of facilities at basically the same time.
For the US military specifically, the regional refinery disruption creates a JP-8 supply chain problem that operates on a different timeline than the commercial crude price shock. US forward operating bases in the Gulf, Kuwait, Qatar, Bahrain, the UAE, and Diego Garcia in the Indian Ocean receive fuel via tanker from regional refineries. When those refineries halt operations, the military fuel pipeline to forward bases depends on pre-positioned stock and on deliveries sourced from outside the Gulf region. DLA Energy, which sources fuel at the lowest delivered cost to the point of need, must now route procurement to refineries in Europe, Asia, or the US Gulf Coast and ship around the Arabian Peninsula via the Indian Ocean rather than directly through Hormuz.
Kharg Island Struck, Coalition Stalling, Escorts Not Yet Launched
The Strait of Hormuz carried approximately 20 million barrels per day of petroleum liquids in normal conditions. On March 2, the IRGC declared it closed. War-risk insurance was withdrawn on March 5. The major container carriers, Maersk, MSC, CMA CGM, and Hapag-Lloyd, all suspended transits. Since March 1, only 77 vessels have transited compared to 1,229 in the same period last year, according to Lloyd’s List Intelligence. Sixteen commercial vessels have been attacked. Iran has declared the closure applies specifically to US, Israeli, and Western allied vessels. Non-Western ships can apply for selective passage. On March 15, India’s Ministry of Ports confirmed two Indian-flagged LPG carriers transited successfully. On March 15, the Pakistani Aframax tanker Karachi, carrying Abu Dhabi’s Das crude, became the first non-Iranian cargo vessel to transit with its AIS tracking signal active, confirming selective passage is operational for non-Western ships. China is in active talks with Iran for crude and LNG carrier passage.
The most significant escalation since the article was last updated is the March 14 CENTCOM strike on Kharg Island. Trump announced that US forces executed one of the most powerful bombing raids in Middle East history, striking more than 90 military targets on the island, including naval mine storage facilities and missile storage bunkers. Kharg Island handles approximately 90% of Iran’s crude oil exports, roughly 1.55 million barrels per day. Oil infrastructure on the island was deliberately spared. Trump posted on Truth Social that he had chosen not to wipe out the oil infrastructure for reasons of decency, but warned he would immediately reconsider if Iran continues to interfere with Hormuz shipping. According to Axios, Trump is also actively weighing an outright seizure of Kharg Island with US boots on the ground, a move described by one US official as an economic knockout of the regime that would defund Tehran’s ability to pay its forces. USS Tripoli with a full Marine Expeditionary Unit is en route. No decision has been made.
Despite the Kharg strikes, Iran’s Hormuz blockade continues. Trump is attempting to assemble what the White House is calling a Hormuz Coalition of allied navies, which he hopes to announce this week according to Axios. As of March 17, no country has publicly committed. Countries are being asked to contribute warships, command-and-control support, drones, and other assets. Political commitment is being secured first; the question of who sends what and when will be worked out afterward. Australia explicitly declined on March 16. Japan’s PM Takaichi ruled out Japanese navy participation on March 16. The EU is discussing expanding Operation Aspides to cover Hormuz but is not expected to act quickly. France is developing plans. UK PM Starmer said reopening is ‘not a simple task.’ Even if a coalition is announced this week, CNN’s analysis of escort logistics found that even a full US-led mission could realistically restore only about 10% of pre-war Hormuz traffic. The strait is 10 miles wide at its narrowest. A destroyer needs open space around tankers to engage targets. The reaction window against Iranian shore-based weapons is measured in seconds. Seth Jones of CSIS told CBS News the US Navy is likely waiting until Iranian capabilities are sufficiently degraded before entering the strait.
For US military fuel supply specifically, none of the above helps in the near term. US-contract vessels do not qualify for Iran’s selective passage framework. Forward base pre-positioned stocks in Kuwait, Qatar, Bahrain, and the UAE continue to draw down without resupply via normal routes. DLA Energy resupply from the US Gulf Coast via the Indian Ocean faces a 25 to 30 day delivery timeline. The longer the closure persists, the more reliant forward operations become on long-haul logistics that were not designed for sustained high-tempo combat consumption. Maersk has contingency plans to load extra fuel at US and European ports for ship-to-ship transfers to vessels in Asia, illustrating the extent of the logistical adaptation already underway across the commercial shipping sector.
The Largest Single Fuel Buyer on Earth
Defense Logistics Agency Energy is the fuel procurement and distribution arm of the US military. It is the single largest institutional purchaser of fuel in the United States and, depending on market conditions and operational tempo, often the largest single purchaser of light refined petroleum products in the world. According to a GAO report published in 2023, DoD bulk fuel expenditures totaled $10.3 billion in fiscal year 2022. DLA Energy purchases fuel in bulk and sells it internally to the Army, Navy, Air Force, Marine Corps, and other agencies at a standardized price that is computed to recover the direct costs of supplying fuel to the point of delivery.
JP-8 is the standard military jet fuel specification. It is chemically similar to Jet A-1, the commercial aviation standard, with the addition of corrosion inhibitors, anti-static additives, and a thermal stability improver. This overlap with commercial jet fuel is operationally significant: in emergencies, JP-8 can be sourced from commercial aviation fuel stocks and vice versa, and the same refineries that produce Jet A-1 for commercial airlines are the primary suppliers of JP-8 for the military. According to EIA data, jet fuel in all forms including JP-8 accounts for more than 50% of total DoD energy consumption. For the Air Force, jet fuel is essentially the entirety of its operational energy budget.
DLA Energy operates through a network of Defense Fuel Support Points located on and near military installations worldwide. In FY2021, DLA Energy’s Facility Sustainment Directorate allocated $902.6 million to improve fuels infrastructure globally, the largest single-year investment since DLA assumed the infrastructure maintenance mission in the mid-1990s. DLA Energy has fuel exchange agreements with 43 allied nations, which provide the legal framework for US forces to draw on partner nation fuel stocks and reciprocally supply US fuel to allies. These agreements are the mechanism that allows rapid fuel access at forward locations without waiting for DLA procurement cycles.
In the current crisis, DLA Energy Middle East, which operates from the region, is the operational node managing both pre-positioned stocks and emergency procurement. It previously played what the DLA described as a significant role in the conclusion of Operation Enduring Freedom in Afghanistan. The organizational capability exists to manage extended supply disruptions. The variable is lead time: pre-positioned stocks at forward bases provide a buffer, but the deeper the operation runs and the longer Hormuz remains closed, the more dependent the campaign becomes on long-haul resupply.
The 172-Million-Barrel Release Is Official. The Oil Cannot Reach Asia Yet.
The Strategic Petroleum Reserve is the world’s largest supply of emergency crude oil, stored in four underground salt cavern sites along the Gulf coasts of Texas and Louisiana. Its authorized storage capacity is 714 million barrels. At its peak on December 27, 2009, the SPR held 727 million barrels. As of March 6, 2026, the SPR held just over 415 million barrels, according to the DOE’s own statement issued on March 11.
On March 11, 2026, US Energy Secretary Chris Wright issued an official statement confirming that 32 IEA member nations unanimously agreed to President Trump’s request for a coordinated release of 400 million barrels globally. The US contribution is 172 million barrels from the SPR, with deliveries beginning the week of March 18 and taking approximately 120 days to complete. After the drawdown, the SPR will hold approximately 243 million barrels. Wright stated that the US has arranged to more than replace the drawdown with approximately 200 million barrels within the following year. This is the sixth coordinated IEA reserve release since the 1970s and the largest in history, surpassing the 182 million barrels released during the 2022 Ukraine crisis.
The critical limit that analysts have flagged is not the headline 172 million barrel figure but the operational flexibility floor. The SPR must maintain approximately 150 million barrels at all times to preserve the integrity of its salt cavern infrastructure and meet minimum operational requirements. After the drawdown and subtracting that floor, approximately 93 million barrels are freely available to draw. That is less than five days of normal Hormuz throughput of 20 million barrels per day, as noted by The Kobeissi Letter on March 12. Energy Secretary Wright acknowledged the limitation directly, describing the release as buying time through a short-term dislocation rather than solving the underlying supply problem. JPMorgan’s commodity team wrote that the SPR release may have limited impact on prices unless safe passage through Hormuz is actually assured. As of March 15, that assurance does not exist. Brent briefly touched $100 on March 13, more than two days after the IEA release announcement.
The SPR holds crude oil, not refined product. Crude must be piped to Gulf Coast refineries and processed before it becomes jet fuel, diesel, or other usable products. The SPR’s four sites are connected via pipeline to 24 Gulf Coast area refineries and six refineries in Michigan, Ohio, and Kentucky. Maximum drawdown rate is approximately 4.4 million barrels per day, meaning the 172 million barrel US commitment takes a minimum of 39 days to draw down completely, plus 10 to 15 days of refining time before finished products are available. The first barrels released around March 18 will not be in the form of refined products until approximately late April at the earliest. Releasing oil from the SPR addresses the domestic price side. It does not address the physical inability of Asian customers to receive crude from the Gulf while Hormuz is closed.
Lindsey Wasson/AP
US domestic refining capacity remains the structural insulation that separates the US position from that of its Asian allies. According to the EIA Refinery Capacity Report for January 1, 2025, US operable atmospheric distillation capacity totaled 18.4 million barrels per calendar day across 132 operable refineries. US domestic crude oil production reached a record 13.6 million barrels per day in 2025, and the EIA’s March 2026 Short-Term Energy Outlook forecasts it averaging 13.6 million barrels per day in 2026. Net imports run approximately 7 million barrels per day, the vast majority sourced from Canada via overland pipelines entirely insulated from the Hormuz closure. US retail gasoline has now surged 74 cents per gallon since February 28, reaching $3.718 per gallon according to AAA, the highest since October 2023. The 26.9% gain is the largest monthly gain since Hurricane Katrina. Diesel is at $4.99 per gallon. The EIA’s March STEO projects retail gasoline prices approximately 60 cents per gallon above its pre-war forecast for March, declining back toward $3.00 per gallon by year end if the conflict resolves. That is a real consumer impact, but it is a price shock, not a supply emergency. Japan, South Korea, and India face both.
Refiners, Tankers, and Fuel Logistics: Who Benefits
The fuel and energy logistics disruption from the Iran conflict creates distinct investment themes across three categories: domestic US refiners who benefit from higher crack spreads and increased JP-8 demand, tanker companies who benefit from longer shipping routes and higher day rates, and fuel logistics and infrastructure operators who benefit from increased throughput complexity. The tanker equity moves from the first week of the conflict are covered extensively in the companion standalone article, What the Market Said. This section focuses on the refiner and fuel logistics angle.
| Company | Ticker | Exchange | Primary Relevance | Investment Thesis and Key Variables |
| Valero Energy | VLO | NYSE | Largest US independent refiner; Gulf Coast refining capacity | Valero is the largest independent petroleum refiner in the United States by throughput. Its Gulf Coast refineries are connected to SPR pipeline systems and process both domestic and imported crude. The company is a primary producer of JP-8 equivalent kerosene under DLA Energy contracts. Higher crude spreads and increased military fuel procurement benefit Valero’s refining margins directly. The Hormuz disruption is marginally negative for crude acquisition costs if global supply tightens but positive for crack spreads as refined product demand remains inelastic for military procurement. |
| Marathon Petroleum | MPC | NYSE | Largest US refinery by stream day capacity; Galveston Bay, Texas | Marathon’s Galveston Bay refinery is the largest in the United States on a barrels-per-stream-day basis at 665,000 b/sd. It is connected to SPR pipeline infrastructure and is among the primary military specification fuel producers in the US. Marathon’s midstream subsidiary MPLX adds pipeline and storage capacity relevant to SPR drawdown logistics. Marathon benefits from the same crack spread expansion as Valero and adds a pure domestic crude processing angle given its Permian Basin crude sourcing relationships. |
| Phillips 66 | PSX | NYSE | Diversified refiner; midstream and chemicals | Phillips 66 operates US and European refining capacity with midstream exposure through Phillips 66 Partners. Its diversified structure, which spans refining, midstream, and chemicals, provides broader exposure to the supply disruption than pure-play refiners. European refining capacity is relevant as DLA Energy reroutes fuel procurement to non-Gulf suppliers. Phillips 66’s Bayway refinery in New Jersey and Ferndale refinery in Washington are secondary military JP-8 supply points. |
| HF Sinclair | DINO | NYSE | Mid-continent refiner; Frontier division includes military-spec fuel production | HF Sinclair operates refineries in Wyoming, Kansas, Oklahoma, New Mexico, Utah, and Washington. Its Frontier division has a history of military specification fuel production. Mid-continent refiners are structurally insulated from the Hormuz crude supply disruption because they source primarily from domestic Permian Basin and Rocky Mountain production. HF Sinclair is a smaller cap name than Valero or Marathon but with less exposure to Gulf crude import disruption. |
| Nordic American Tankers | NAT | NYSE | +20% on March 2. VLCC rates hit $423,736/day record | NAT operates a fleet of Suezmax tankers. The near-standstill of commercial traffic through Hormuz drives two simultaneous benefits for tankers: daily rate spikes as remaining available tonnage becomes scarcer, and route lengthening as cargoes are rerouted via the Cape of Good Hope, increasing ton-miles and keeping vessels employed longer per voyage. The tanker equity theme is covered in depth in the companion market article. VLCC spot rates hit an all-time record of $423,736 per day in the first week of the conflict. |
| Breakwave Tanker ETF | BWET | NYSE Arca | +25% pre-market March 3 | BWET provides diversified tanker market exposure through freight futures. It moved +25% in pre-market trading on March 3, reflecting the aggregate tanker rate spike across all vessel classes. For investors who want tanker exposure without single-company risk, BWET captures the rate thesis at the sector level. |
Sources: EIA Refinery Capacity Report January 1, 2025 (Marathon Galveston Bay 665,000 b/sd; 18.4M b/cd total US capacity); company investor relations (Valero, Marathon Petroleum, Phillips 66, HF Sinclair); DLA Energy procurement structure; VLCC rate data via market reporting cited in companion article What the Market Said.
What to Watch Going Forward
The single most important variable as of March 17 is whether Trump can actually announce a Hormuz Coalition this week. Axios reports the White House is working toward an announcement. If one materialises with credible naval commitments, crude prices will ease materially regardless of whether escort operations have actually started. Political commitment alone changes the market’s probability distribution over the closure’s duration.
The second variable is whether the Kharg Island oil infrastructure is struck. Trump has deliberately preserved it as leverage, warning twice that he will reconsider. Striking the oil terminal on Kharg would remove approximately 1.55 million barrels per day from global supply permanently for the duration of the conflict. It would also invite Iranian retaliation against Saudi and UAE oil infrastructure, which is the primary downside scenario that even Iran hawks acknowledge. The risk-reward calculation from a price perspective is asymmetric: the upside is forcing Iranian capitulation, the downside is a cascading regional energy crisis.
The third variable is the SPR drawdown pace starting this week. The EIA Weekly Petroleum Status Report published each Wednesday will show the first drawdown figures from the week of March 18. The maximum rate is 4.4 million barrels per day. The DOE’s 120-day timeline implies an average of approximately 1.4 million barrels per day. Front-loading the release would provide more immediate price relief but accelerates the depletion toward the operational floor. The EIA STEO is already forecasting Brent above $95 for the next two months before easing, suggesting the agency does not expect the release to dramatically suppress prices in the near term.
The fourth variable is the China-Iran negotiation. If China secures reliable large-scale access to Gulf crude through Hormuz, Tehran faces less pressure to negotiate any broader settlement. Every barrel of Iranian and Gulf crude that reaches China via selective passage reduces Beijing’s incentive to push Iran toward compromise. The extent to which China is a constructive partner in reopening the strait, as Wright described it on March 16, or a beneficiary of the selective closure, will determine the geopolitical trajectory of the next four to eight weeks.
Sources
- IEA — Oil Market Report March 2026
- US Department of Energy — SPR Release Announcement
- EIA — Short-Term Energy Outlook March 2026
- Al Jazeera — Gulf Energy Infrastructure Attacks
- CNN — US Gas Prices Surge to Highest Since October 2023
- Axios — Trump Eyes Hormuz Coalition and Kharg Island
- CNN — Strait of Hormuz Naval Escort Analysis
- Lloyd’s List Intelligence — Hormuz Transit Data
- NPR — Middle East Energy Facilities Struck
- Goldman Sachs — Iran Conflict Oil Price Impact
- GAO — DoD Bulk Fuel Management Report
- DLA Energy Fact Book 2021
Editorial disclosure
This article is based on a research report covering US military fuel logistics and energy supply chain disruption during the 2026 Iran conflict. It discusses publicly traded energy companies including Valero Energy, Marathon Petroleum, Phillips 66, HF Sinclair, Nordic American Tankers, and the Breakwave Tanker ETF. All data reflects publicly available sources as of March 17, 2026. Market conditions and geopolitical developments are evolving rapidly. Commentary reflects the author’s own assessment. The information provided on this website is for informational and educational purposes only. Our content is derived strictly from verified online sources to ensure accuracy and objectivity. This analysis does not constitute financial, investment, or professional advice. Readers are encouraged to consult with qualified professionals before making decisions based on this information. For more information, please see our full DISCLAIMER.
