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,…
Diesel prices have surged to record highs in Europe and the United States due to the disruption of exports from major producers, including Russia, Saudi Arabia, and the United Arab Emirates, as a result of the ongoing conflicts in Iran and Ukraine. The situation has worsened with the spread of supply disruptions to the Red Sea, a vital route for Saudi Arabia's diesel shipments. As a consequence, diesel futures in Europe reached an all-time high last week, more than doubling their levels at the beginning of 2026.
The wars in the Middle East and Ukraine have caused damage to oil refineries in the region, while those elsewhere are working tirelessly to produce fuels. In the United States, for example, refineries operated at their highest level in eight years in late August, according to the International Energy Agency. However, a significant challenge is that many refineries globally are already operating at or near capacity.
This leaves limited options to prevent a further tightening of supplies and rising prices in the coming months, according to the International Energy Agency's latest newsletter.
The situation has taken a sharp turn, with Middle East diesel exports halving from March to the present.
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- Global diesel prices hit record highs, further rises possible koreatimes.co.kr
