ASX set to fall sharply as Wall Street declines; Trump sends oil price warning as Iran war escalates
Stocks fell on Wall Street as the price of crude oil rose back above $US100 a barrel amid further escalation in the US war with Iran.
The Energy Department has increased its prediction for U.S. diesel prices in 2027 by 33 cents, to an average of $4.40 per gallon. This forecast rise of 8.2% is driven by tight global supplies, particularly from the Middle East and Russia, which are curtailing domestic inventories. The Energy Information Administration (EIA) expects low U.S. distillate inventories to persist through much of 2027 due to refinery maintenance cuts and high U.S. net exports.
The agency also warns that global distillate production is expected to fall below last year's levels in the coming months, contributing to continued high diesel prices. Despite President Trump's earlier optimistic claims about falling oil prices after the Iran war and the U.S. election, the latest forecast suggests Americans could face elevated fuel costs well into 2027.
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