President Trump says that gasoline prices are being driven up not by the Strait of Hormuz, but by drone strikes by Ukrainian knocking out Russian refining capacity. 🇷🇺 🇺🇦 Ukraine has hit refineries over 150 times and taken somewhere between ten and forty percent of Russia's refining capacity offline depending on how you measure it. Russia is still pumping crude, but it can't turn as much of it into finished product, which tightens global fuel supply regardless of what crude prices do. Crude oil is moving through Strait of Hormuz but that is only useful once it has been refined into gasoline, diesel, and jet fuel. That's where the bottleneck has been.