Diesel prices "explode" in Europe
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Diesel prices in Europe have reached their highest level since 2022, with diesel futures rising above $200 per barrel, or $1,498 per ton, marking a nearly 10 percent daily jump on the London market.
As Bloomberg explains, the price surges are due to supply disruptions caused by the war in Iran and the closure of the Strait of Hormuz, with prices nearly doubling since the start of the conflict on February 28. The closure of the Strait of Hormuz has halted the transport of millions of barrels of refined products, including diesel, while crude oil prices in London have risen by about 50 percent. Some refineries have reduced production, and traders worldwide are
