US refiners ramp up buybacks as Iran war boosts fuel margins

US refiners Marathon Petroleum, Phillips 66 and Valero Energy reported combined second-quarter profits of $12.6 billion, benefiting from supply disruptions and higher refining margins. The trio returned $6.3 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.