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Diesel Crisis Spurs Hikes
Global supplies of diesel and gasoil fell by about 1.5 million barrels per day in the second quarter and 1.7 million in the third quarter, compared with the same periods last year, amid tensions between the United States and Iran and disruptions to shipping through the Strait of Hormuz. Benchmark wholesale prices neared $220 a barrel in Europe and the United States, while the average U.S. retail price reached $6.30 a gallon, with inventories about 13% below the five-year average. Analysts warn that if the crisis continues, transport, production and shipping costs will rise, potentially pushing up goods prices and inflation, with consumers bearing the greatest burden.
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