Diesel and Jet Fuel Are Where Oil Market Chaos Is Most Acute
- Prices for the two fuels are much higher than crude oil
- Inflationary pressures to ripple out into the wider economy
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The most dramatic action in global oil markets since Russia invaded Ukraine isn’t the soaring price of crude: it’s in the fuels that power the world’s trucks, planes and machinery.
While Brent crude rose to its highest since 2008, the price of diesel in Europe hit a record in early March. Jet fuel also soared. Both have since pared some of their gains, but remain expensive enough that oil refiners stand to generate big profits from making them.