Shepna and Shabandar Rally as Brent Tops $76; How the $19 Summer Crack Spread Feeds Refiner Profits (Wednesday, July 8, 2026)

Lead

On the first Tehran Stock Exchange session since Brent crude jumped above $76 a barrel, refining stocks gained today, Wednesday, July 8, 2026 (17 Tir 1405): Shepna (Isfahan Oil Refining) rose 2.87%, with trading volume topping 947 million shares, while Shabandar (Bandar Abbas Oil Refining) gained about 0.65% to trade at 4,812 rials (per Chartix). This report traces the mechanism that links the global oil price to listed refiners' profitability: the feedstock pricing formula and the crack spread, not simply the absolute level of Brent.

Background

Brent settled officially at $74.16 on Tuesday, July 7, 2026 (16 Tir 1405), up 3%, and climbed further to $76.04 in after-hours trading, up 5.6%; the jump came hours after an attack on three tankers in the Strait of Hormuz and the US Treasury's revocation of Iran's dollar oil-sales waiver (per CNBC, CBS News and Bloomberg; Sahmino reported this news Tuesday night). The move should be read against recent weeks: Brent traded around $72.10 on Sunday, July 5 (13 Tir), about $71.70 on Monday, July 6 (15 Tir), and near $70.80 in the days before that, meaning the past two days' jump has added roughly $4 to $5 a barrel.

Key Numbers

Item	Figure	Date and Source
Brent (official settlement)	$74.16 (+3%)	Tuesday, July 7; CNBC
Brent (after-hours)	$76.04 (+5.6%)	Tuesday, July 7; CNBC
Brent (prior week, for comparison)	about $70.80 to $71.70	July 1 to 6; energy market reports
Refinery feedstock pricing formula	95% of the Brent, Dubai and Oman average (Platts)	Approved 2024 (1403); Ministry of Petroleum
Approved summer 1405 crack spread	about $19 a barrel	Average since June 16, 2026; capital-market reports
Spring 1405 crack spread (for comparison)	about $11.80 a barrel	Capital-market reports
Shepna, today's move	+2.87%, volume 947 million shares	Wednesday, July 8; Chartix
Shabandar, today's move	+0.65%, price 4,812 rials, volume 251.7 million shares	Wednesday, July 8; Chartix
Shepna EPS (latest reported)	1,152 rials; trailing P/E 7.08x	Prior Sahmino report, July 7, 2026

Drivers

In Iran, the price of crude feedstock delivered to listed refineries has, since 2024 (1403), been set at 95% of the average of three benchmark crudes, Brent, Dubai and Oman (as reported by Platts); on the other side, refined-product export prices are set by a formula tied to a global product basket. So a rise in Brent alone does not determine refiner profit; what directly shapes the margin is the gap between these two formulas, the "crack spread." Per capital-market reports, the approved crack spread for summer 1405 has been set near $19 a barrel, against about $11.80 in spring; this widening of the crack spread, independent of Brent's absolute level, provides a structural underpinning for refiner margins this season. A rapid jump in the global oil price carries a separate effect too: it raises the book value of refiners' stored crude and product inventories, which can register in financial statements as a one-off inventory gain, distinct from the ongoing operating-margin trend driven by the crack spread.

Outlook

Several capital-market analytical reports have cited the stabilization of the crack spread at its current level, alongside a higher official exchange rate, as factors improving the profitability outlook for the refining sector this summer. Sahmino offers no forecast or recommendation on the future path of oil prices, the crack spread, or these stocks' prices on the Tehran Stock Exchange; the first official gauge of this jump's financial impact will be the refiners' Codal interim disclosures for the summer quarter.

What to Watch

The monthly official feedstock rate, updated on the Brent, Dubai and Oman average; any revision to the approved seasonal crack spread; listed refiners' Codal interim disclosures for summer; the July 17 (26 Tir) settlement deadline for oil deals already in progress; and the Strait of Hormuz's continued response to recent events are all worth following in the days ahead.

Disclaimer

This report is for market education and information only and does not constitute investment advice. All figures are dated and may change; verify figures against current official sources before making any financial decision.