Global oil supply disruptions drive up fuel prices

oil prices gasoline prices Saudi Arabia pipeline Strait of Hormuz energy supply disruption

Global oil supply disruptions and geopolitical tensions in the Middle East are driving significant increases in fuel prices. A September 10 attack on Saudi Arabia’s East-West pipeline, which carries between 2.6 million and 4 million barrels of oil per day, has removed a critical alternative route to the Strait of Hormuz. This, combined with ongoing conflicts affecting the Strait of Hormuz—a route for approximately 20% of global oil supply—has heightened market volatility.

In the United States, gasoline and diesel prices have risen sharply. As of mid-September, the national average for regular gasoline was approximately $4.46 to $4.47 per gallon, while diesel prices reached record highs near $6.43 to $6.45 per gallon. California reported some of the highest costs, with averages reaching $6.08 per gallon, though some reports noted even higher localized prices.

To mitigate supply issues, Saudi Arabia is exploring ship-to-ship transfers near Sohar, Oman, to deliver oil to Asian markets, bypassing disrupted land routes. Meanwhile, analysts note that actual refinery costs may be 15–20% higher than exchange-traded prices due to supply premiums. In Europe, diesel shortages persist due to reduced exports from the Persian Gulf and disruptions in Russian production.

Entities

AAA · Costco · Exxon · Gas Buddy · GasBuddy · Saudi Arabia · Saudi Aramco · Strait of Hormuz · U.S. Energy Information Administration · United States

Claims

What the coverage asserts, and how many sources carry each claim.

[○ 1 SOURCE] Saudi Arabia reduced oil supplies to the Red Sea terminal by over 60 percent, dropping from 7 million to 2.6 million barrels per day. forsal.pl
[○ 1 SOURCE] Net diesel exports from Gulf countries averaged 390,000 barrels per day in August, which is roughly one-quarter of pre-war levels. www.parkiet.com
[○ 1 SOURCE] Combined net diesel exports from the Gulf and Russia in August were 1.6 million barrels per day lower than in February. www.parkiet.com
[○ 1 SOURCE] The OVX volatility index increased from approximately 44 to over 60 points during the same period. comparic.pl
[○ 1 SOURCE] Actual oil prices paid by buyers may be 15 to 20 dollars per barrel higher than financial market rates. forsal.pl
[○ 1 SOURCE] WTI crude oil prices rose from approximately 83 USD to over 104 USD per barrel between late August and mid-September. comparic.pl
[● 3 SOURCES] The average price for a gallon of diesel was approximately $6.43. abc13.com · abc7.com · abc7ny.com
[● 3 SOURCES] A key oil pipeline in Saudi Arabia has closed. abc13.com · abc7.com · abc7ny.com
[● 6 SOURCES] Disruptions in the Strait of Hormuz affect approximately 20% of the global oil supply annually. abc13.com · abc7.com · abc7ny.com · 1053rnb.com · abc30.com · +1 more
[DISPUTED] California recorded the highest gas prices at an average of $6.08 per gallon. abc13.com · abc7.com · abc7ny.com · abc30.com · abc7chicago.com
[● 3 SOURCES] The national average price for a gallon of regular gas was $4.47. abc13.com · abc7.com · abc7ny.com
[○ 1 SOURCE] Diesel prices reached over $6.1 per gallon. 1053rnb.com