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, after supply disruptions spread to the Red Sea, where Saudi Arabia loads most of its diesel. The wars in the Middle East and Ukraine have damaged oil refineries in the region, and refineries elsewhere are working hard to make fuels. In the United States for example, refineries operated at the highest level in eight years in late August, according to the International Energy Agency. "A key issue is that many refineries around the world are already stretched to capacity," the International Energy Agency said in a newsletter on Monday. "This leaves few available options to prevent a further tightening of supplies and higher prices in the coming months." Middle East diesel exports halved from March to
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