US refineries operate at near full capacity due to Middle East and Ukraine wars

American oil refineries are operating at 96% of capacity, with refineries in the Midwest and the Rocky Mountain region running at 100%. After Iran closed the Strait of Hormuz, the US sharply increased exports of diesel and jet fuel. The situation is exacerbated by Houthi threats in the Red Sea and reduced supplies from Russia. Washington has already used 77% of its 172 million barrel strategic reserve, which is now at its lowest level since 1983 — 311 million barrels. Commercial inventories in Cushing are also nearly depleted.