Diesel prices surge as supply declines
The prices of diesel have risen sharply worldwide due to attacks on refineries in Russia and Saudi Arabia, leading to a global supply shortage and raising concerns among farmers about the upcoming planting season. U.S. diesel futures increased by 7.4% to reach $4.19 per gallon, with European diesel refining margins rising by about 10%. This development occurs amid ongoing tensions related to the Strait of Hormuz, the possibility of deteriorating oil and fuel supplies from the Middle East, Russia's ban on exports of gasoline and diesel until 2027, and the resulting depletion of U.S. reserves to their lowest levels in three decades.
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