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Context
What happened: Oil futures rose after Ukraine renewed attacks on Russian refineries, and a star oil trader, Yaoyao Liu, is leaving Vitol after a wrong-way bet at the start of the Iran war. Tesla's energy boss Mike Snyder also stepped down.
Key numbers: U.S. commercial crude stocks fell 8.6 million barrels last week, per the EIA. Nordex raised its full-year margin guidance.
Why it matters: Prices reflect persistent Middle East supply risks and uncertainty over shipping through the Strait of Hormuz. TotalEnergies expects exceptional downstream results on higher third-quarter refining margins.