Oil refineries in the United States are operating at full capacity amid disruptions to oil supplies caused by the war in the Middle East and the armed conflict in Ukraine. This was reported by the Financial Times (FT) on July 23.

According to the U.S. Energy Information Administration, oil refineries across the country are operating at 96% of their capacity, while plants in the Midwest and the Rocky Mountains are running at 100%.

U.S. energy companies have increased exports of petroleum products, including diesel fuel and jet fuel, to record levels after Iran closed the Strait of Hormuz, the newspaper reported.

The newspaper noted that transit through this waterway briefly increased after the ceasefire between the United States and Iran last month, but the renewed escalation of hostilities has once again paralyzed the strait. Houthi rebels are also threatening the route through the Red Sea, which Saudi Arabia uses to deliver most of its oil to the market.

"The increase in U.S. exports helps, but it is only a bandage on a large gunshot wound. We are trying to make up for this shortage by operating at full capacity, but that means that as soon as refineries shut down, it will be very bad," said Joe DeLaura, senior energy strategist at Rabobank.