US diesel hits record highs as oil supply fears mount
Executives warned that the monthslong crunch in oil markets is entering its most acute phase, as commercial and strategic oil stockpiles run low and US diesel prices hit record highs Tuesday.
US diesel prices have reached record highs, according to Semafor, as oil supply fears continue to mount. Chevron's CEO has warned that the ongoing crunch in oil markets has entered its most acute phase, with commercial and strategic oil stockpiles running low. The White House maintains that the high prices are a temporary disruption, but energy CEOs have now stated that the crisis is here.
Saudi Arabia has canceled some oil shipments to Europe, citing the East-West pipeline, which was taken offline following a drone attack, could be down for weeks. This has left importers scrambling for alternative fuel sources.
Brief written by urgent.news from Semafor's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
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