Diesel Prices Rise to Four-Month High Amid Middle East and Ukraine War Impact

On September 1, diesel prices tightened further due to renewed attacks on refineries caused by the wars in the Middle East and Ukraine, reaching their highest level in over four months, raising inflation concerns and putting pressure on the prices of essential goods. The Intercontinental Exchange (ICE) diesel futures prices surged by 4.2%, marking the highest level since April 9. The crack spread (the difference between diesel and Brent crude oil prices) remains elevated, having reached a record high last month. Additionally, European diesel prices continue to rise, widening the gap with Asian diesel prices. Since the low on June 18, diesel prices have increased by over 50%, outpacing the rise in crude oil prices during the same period.

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