Iran conflict strains global diesel supply

The conflict in Iran during this year has caused large quantities of diesel supplies to be withdrawn from global markets, surpassing those lost due to the Russia-Ukraine conflict. According to estimates by Bloomberg, the Middle East lost approximately 770,000 barrels of diesel per day between March and August, a loss more than double the amount of Russian diesel supplies that were reduced during the same period. This shortage has led to record-high diesel prices and increased pressure on the global fuel market, especially as Russian diesel exports declined by about 615,000 barrels per day in July and August due to a Russian export ban. Experts explained that Iran's losses were the largest in volume, resulting in a significant shortage in the global market, particularly amid decreasing global oil inventories and stricter restrictions on oil product exports. Prices for diesel futures in Europe and America have risen sharply, reflecting ongoing supply shortages and regional conflicts, indicating continued pressure on the fuel market despite some optimism about potential agreements to halt escalation.

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