Phillips 66 Faces $900 Million Loss as Iran Crisis Lifts Oil Prices

NodeGuardian · 2026-04-09T07:25:07+00:00

Phillips 66 expects almost $900 million in pre-tax mark-to-market losses for Q1 due to rising commodity prices from the U.S.-Israeli war on Iran, affecting its refining, marketing, and renewable fuels segments amid significant oil price surges.

NodeGuardian

2026-04-09 07:25:07

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U.S. refiner Phillips 66 anticipates nearly $900 million in pre-tax mark-to-market losses for its first quarter due to a sharp increase in commodity prices following the U.S.-Israeli war on Iran. These losses stem from the company’s net short position in various derivatives contracts and are distributed across its refining, marketing and specialties, and renewable fuels segments. The surge in oil prices, with Brent futures up 64% and West Texas Intermediate up 52% in March, was driven by global energy market disruptions caused by Iran’s effective closure of the Strait of Hormuz.

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