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Global diesel prices exceed US$220 per barrel amid supply shocks
Global diesel prices have surged past US$220 per barrel, driven by significant supply disruptions in the Middle East. The International Energy Agency (IEA) identified the crisis in the Persian Gulf as the largest disruption to the global oil market in history. Following the closure of the Strait of Hormuz and drone attacks on Saudi Arabia’s East-West pipeline, Persian Gulf diesel exports have dropped to approximately 390,000 barrels per day.
In the United States, fuel costs have reached record levels, with diesel prices hitting an average of over $6.28 per gallon. This spike has triggered widespread social unrest and protests globally, including in Guatemala, France, Syria, and Bolivia, as citizens struggle with the rising cost of living.
Economic impacts vary by region. In Argentina, the rise in international Brent crude prices—approaching $110 per barrel—has created a significant gap between global markets and domestic pump prices, though local providers like YPF state they do not automatically pass through all international fluctuations. Meanwhile, in the US, the fuel shock is impacting various sectors, including agriculture and transportation, as diesel costs trickle down through the economy.
Entities
AAA · Agricultural Marketing Service · American Automobile Association · Brown University · Energy Information Administration · International Energy Agency · Saudi Aramco · Strait of Hormuz · U.S. Energy Information Administration · YPF
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] The national average for regular gasoline was $4.37 per gallon on September 16. www.planet-today.com
- [○ 1 SOURCE] US diesel prices reached a new average of $6.285 per gallon for the week ending September 14. rayhaber.com
- [○ 1 SOURCE] The US national average for regular gasoline was $4.43 per gallon. gasprices.aaa.com
- [○ 1 SOURCE] Persian Gulf diesel and gasoil exports fell to approximately 390,000 barrels per day. diariofinanciero.do
- [○ 1 SOURCE] Global diesel prices exceeded US$220 per barrel following two simultaneous supply shocks. diariofinanciero.do
- [○ 1 SOURCE] The gap between Brent crude and Argentine pump prices represents a potential 15.7% transfer to consumers. www.perfil.com