Global diesel prices hit record highs, further rises possible
LONDON — Diesel prices have rallied in Europe and the United States to record highs as wars in Iran and Ukraine sharply cut exports from some of the biggest producers such as Russia, Saudi Arabia and the United Arab Emirates, with little options to prevent further gains. Diesel futures in Europe closed at an all-time high last week having more than double their level at the beginning of 2026,…
Global diesel prices have reached record highs in Europe and the United States due to a sharp decline in exports from major producers like Russia, Saudi Arabia, and the United Arab Emirates, as a result of conflicts in Iran and Ukraine. Refinery disruptions in the Middle East, compounded by ongoing issues at refineries worldwide, have exacerbated the supply situation.
The International Energy Agency reports that many refineries are operating at or near capacity, leaving limited room for supply to meet demand. Consequently, diesel futures in Europe recently hit an all-time high, more than doubling from the start of 2026. The wars in the Middle East and Ukraine have caused damage to oil refineries in the region, and refineries elsewhere are grappling with increased fuel production.
In the United States, refineries reached their highest activity levels in eight years by late August. The halving of Middle East diesel exports from March to the present has significantly contributed to the current supply constraints and price surge.
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- Global diesel prices hit record highs, further rises possible koreatimes.co.kr
