The oil market has officially entered its mixed-signals era. Crude prices had erased most of their wartime gains as barrels returned to the market and fears of oversupply resurfaced. But renewed U.S.-Iran hostilities have sent prices climbing again, underscoring just how quickly geopolitical risk can return to the market. Gasoline and diesel are telling a completely different story. According to the International Energy Agency's latest monthly report, refining margins surged to four-year highs in early July as product markets tightened even while…

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