Diesel Is Soaring on Sanctions and Wrong Type of Oil, Total Says

European Union measures to restrict imports of Russian fuel and surging supplies of lighter crude are driving diesel up prices across the world, the boss of Europe’s largest oil refiner said.

Diesel futures in Europe have surged at times in recent weeks, touching the equivalent of $110 a barrel. That’s in part because traders are having to find supplies from further afield since a ban on Russian imports came into effect, Patrick Pouyanne, Chief Executive Officer of TotalEnergies SE said on the company’s second-quarter earnings call.