Diesel Soars All Over the World as Iran War Chokes Fuel Supplies

Diesel prices across the globe surged to multi-year highs as the war on Iran expanded across the Middle East, pressuring markets already grappling with low supplies and adding to the burden on consumers.

In Europe, benchmark diesel futures jumped by a record 34% in two days. Futures in the US surged as much as 16% on Tuesday to $3.37 a gallon, the highest since September 2023. The average retail price reached a level last seen in May 2024.