Global Diesel Prices Hit Record Highs
Diesel prices in Europe and the United States have reached record highs as wars in Iran and Ukraine cut exports from major producers. European diesel futures closed at an all-time high, and U.S. average retail diesel prices exceeded $6 per gallon for the first time. Middle East diesel exports halved from March to August compared with a year earlier, and refineries are operating near capacity.
Why it matters: This matters for the Energy theme because the record diesel prices stem from war-related supply disruptions and limited refining capacity.