On September 1, U.S. diesel refining margins (crack spreads) surged past $106 per barrel, hitting an all-time high, with retail prices nearing $5.63 per gallon. On the same day, Donald Trump urgently convened refining giants such as Marathon Petroleum, Phillips 66, and Chevron at the White House for talks focused on expanding production and lowering fuel prices, also announcing environmental waivers for small refineries. Goldman Sachs subsequently significantly raised its 2027 forecasts for U.S. and EU diesel refining margins, increasing them from $27 and $19 per barrel to $63 and $49, respectively. This surge in diesel prices is primarily due to a triple supply shock: the Iran war blocking the Strait of Hormuz, declining Russian refining capacity, and damage to Middle Eastern refineries. This has triggered a series of market reactions, including a broad rise in U.S. Treasury yields, Nasdaq leading declines, and drops in gold and Bitcoin.