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

Brent crude topped seventy six dollars today, setting Tehran's refining stocks in motion. On Wednesday, July eighth, Shepna and Shabandar rose in their first session since the jump. Brent hit seventy six dollars and four cents in after hours trading Tuesday, up five point six percent. The jump came hours after an attack on three tankers in the Strait of Hormuz and a US waiver revocation. Brent's official settlement was seventy four dollars and sixteen cents, versus about seventy dollars the week before. That means the past two days added roughly four to five dollars to each barrel. In Iran, refinery feedstock is priced at ninety five percent of the average of three benchmark crudes. Export product prices follow a separate global formula, and the gap between the two is called the crack spread. This summer's approved crack spread is near nineteen dollars a barrel, versus about twelve dollars in spring. Refiners are among Tehran's most heavily traded stocks, so their swings touch many retail portfolios. Iran's deputy foreign minister called the waiver's revocation a breach of the ceasefire agreement. On July seventh tankers were attacked and the waiver was revoked; on July eighth refining stocks rallied. A fast oil price jump also lifts the book value of stored inventory, a one time gain apart from ongoing margins. Summer interim disclosures and the monthly feedstock rate are worth watching in the days ahead. Full analysis on Sahmino.