Why Renewed Iran Tensions Could Keep Fuel Prices Elevated

The oil market has officially entered its mixed-signals era.

Crude prices had erased most of their wartime gains as barrels returned to the market and fears of oversupply resurfaced.

But renewed U.S.-Iran hostilities have sent prices climbing again, underscoring just how quickly geopolitical risk can return to the market.

Gasoline and diesel are telling a completely different story.

According to the International Energy Agency's latest monthly report, refining margins surged to four-year highs in early July as product markets tightened even while…