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Global fuel volatility amid supply shifts and price surges

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2026-09-11 13:07 UTC → 2026-09-11 14:31 UTC · added ~~removed~~

Global fuel markets continue to face intense volatility as military conflicts in Ukraine and the Middle East disrupt refining capacities. Recent strikes on refineries have impacted approximately 5 million barrels per day, removing roughly 8% of the global diesel supply. Consequently, crude oil prices have reached multi-week highs, with Brent crude nearing $100 per barrel and WTI climbing above $93 per barrel. Diesel prices have ~~now~~ reached historic highs due to a severe refining crunch. In the United States, the national average diesel price surpassed $6 per gallon for the first time, reported by AAA at approximately $6.06 per ~~gallon—an~~ gallon—a significant increase ~~of about $2.30 compared to the previous year.~~ from $3.70 a year ago. In California, prices have surged even higher, reaching nearly $8 per gallon. This supply squeeze is driven by escalating tensions between the United States and Iran, disruptions in the Strait of Hormuz, and attacks on Saudi Aramco facilities. Furthermore, Russian refining capacity has seen a reported 30% drop due to drone strikes, compounded by Russian diesel export bans. China has also implemented export limits to prevent domestic shortages. In the United Kingdom, motorists face potential diesel prices of £2 per litre. Campaigners at FairFuelUK note that diesel is already trading around 190p per litre, driven by high refining margins and tightening supplies. The UK is also grappling with a reported 20% increase in forecourt fuel theft, with nearly £200,000 worth of fuel stolen daily. These rising costs are expected to cascade through supply chains, impacting the logistics, agriculture, and construction ~~sectors, which may fuel broader inflation.~~ sectors. In the U.S., the energy crisis arrives at a sensitive political moment ahead of the November midterm elections, with experts warning that inflation and transportation costs could persist throughout the fall.

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