6 billion, benefiting from supply disruptions and higher refining margins. 3 billion to shareholders through buybacks and dividends, more than double last year.

Refining stocks also rallied sharply, while strong margins supported expectations of further payouts. ANIThe surge in earnings came as the conflict disrupted global energy shipping and encouraged international buyers to pay higher prices to secure supplies.

US refiners sharply increased returns to shareholders in the second quarter as disruptions to crude supplies through the Strait of Hormuz pushed fuel prices and refining margins higher, making the industry one of the biggest financial beneficiaries of the Iran war, as per a report by Reuters. 6 billion for the quarter, their strongest collective performance since Russia's invasion of Ukraine in 2022, according to the report.

6 billion returned in the same period a year earlier. 9 billion a year ago.

The surge in earnings came as the conflict disrupted global energy shipping and encouraged international buyers to pay higher prices to secure supplies. Attacks on Russian oil refineries further tightened global fuel availability, lifting prices and margins even as consumers faced broader inflationary pressures.

Analysts expect shareholder payouts to remain strong in the third quarter. TD Cowen analyst Jason Gabelman estimates Marathon Petroleum and Valero could repurchase shares equivalent to about 20% of their market values between the third quarter and the end of next year.

Phillips 66, which is placing greater emphasis on growth investments and debt reduction, could buy back roughly 10% of its market value, Gabelman estimated. Phillips 66's board approved a $10 billion increase in its share repurchase authorization in July.

5 billion remaining under an earlier authorization. The strong earnings have also fueled a sharp rally in refiner stocks.

Marathon Petroleum shares have gained about 110% so far this year, while Valero is up more than 98% and Phillips 66 has risen about 75%. The S&P 500 energy sector has gained roughly 36% over the same period.

S. gasoline and diesel crack spreads, a key measure of refinery profitability, to exceptional levels.

S. gasoline futures crack spread climbed to $60 a barrel on July 17, its highest level since April 2020, according to Reuters.